NEWTON, Mass.--(BUSINESS WIRE)--Pro-Pharmaceuticals, Inc. (Amex: PRW), a company “Advancing Drugs Through Glycoscience®”, today issued the following corporate update: As previously indicated, Pro-Pharmaceuticals is evaluating various financing options to bridge the Company to major milestones which the Company anticipates to occur by the fourth quarter of 2007 or first quarter of 2008. While the Company is confident that additional financing will be raised, the Company has reduced planned third quarter 2007 operating cash expenses by 30% to help bridge the Company to these milestone events. The 30% reduction in third quarter cash operating expenses resulted from a 50% reduction in payroll (with no change in headcount) and lowered non-core expenses that are not related to the Company’s 505 (b)(2) submission of DAVANAT® to the FDA. The Company’s cash position at June 30th was approximately $2.4 million. The Company expects its cash operating expense in the third quarter to be approximately $1.2 million.
