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news.Pro-Pharmaceuticals, engaged in the discovery, development and commercialisation of therapeutics that target Galectin receptors for advanced treatment of cancer and fibrosis, has posted a net loss of $1.11m for the third quarter 2010, or $0.03 loss per diluted share, compared to net loss of $1.37m, or $0.04 loss per diluted share, for the comparable period in 2009.
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Pro-Pharmaceuticals’ operating loss was $1.21m, compared to $1.25m for the comparable period in 2009.
For the nine months ended 30 September 2010 Pro-Pharmaceuticals posted a net loss of $4.9m, or $0.13 loss per diluted share, compared to $6.81m, or $0.17 loss per diluted share, for the year ago period.
The company’s operating loss for the nine months ended 30 September 2010 was $3.59m, compared to $4.98m for the year ago period.
Pro-Pharmaceuticals CEO Theodore Zucconi said that their goals are to commercialise Davanat as soon as possible and to accelerate development of liver fibrosis compounds.
"We recently shipped our first commercial order of Davanat to Procaps based in Colombia and expect to receive approval to market and sell Davanat and generate revenue in that country," Zucconi said.
"Pro-Pharmaceuticals has reached a major milestone on the path to approval in other South American countries with this development and is finalising plans to initiate a Phase lll trial in the US for Davanat to treat colorectal cancer patients."