NEWTON, Mass.--(BUSINESS WIRE)--Pro-Pharmaceuticals, Inc. (OTC: PRWP), the leading developer of therapeutics that target galectin proteins to treat fibrosis and cancer, today reported its financial results for the first quarter, ended March 31, 2011. These results are included in the Company’s Quarterly Report on Form 10-Q which has been filed with the SEC. “This is an exciting new era for our company as we advance our galectin protein science into two indications with tremendous unmet medical needs. We are collaborating with The Ludwig Institute of Cancer Research in Brussels to expand the application of our galectin targeting compounds in administration with cancer vaccines, one of the most exciting new areas of cancer therapy,” said Peter G. Traber, M.D., President and Chief Executive Officer, Pro-Pharmaceuticals. “We expect this collaboration to result in the initiation of a Phase 1/2 clinical trial later this year in patients with metastatic melanoma. In addition, Dr. Scott Friedman at the Mount Sinai School of Medicine is conducting pre-clinical trials to advance our galectin therapeutic compounds to treat liver fibrosis. Our compounds have reversed liver fibrosis and cirrhosis in pre-clinical studies. The only treatment for late stage fibrosis or cirrhosis is liver transplantation.
