Pro-Pharmaceuticals Prevails In Trade Secret Lawsuit

Suffolk County Superior Court allowed Pro-Pharmaceuticals’ motion to dismiss the trade secret lawsuit prosecuted by Prospect Therapeutics against the company and its former chief executive officer, David Platt.

Theodore Zucconi, CEO of Pro-Pharmaceuticals, said: “Putting the lawsuit behind us is a significant event. We believed from the beginning that this lawsuit was without merit and are pleased that the court allowed our motion to dismiss.This decision enables the company to focus on commercializing DAVANAT through regional partnerships with pharmaceutical companies.

“We believe the termination of this lawsuit enhances our ability to raise the funds needed to complete our Phase 3 trial. It also enables us to focus our resources on gaining FDA approval for DAVANAT and to reach our goal to improve the quality of life for cancer patients, he added.

According to Pro-Pharmaceuticals, Prospect Therapeutics purchased certain assets, including this lawsuit, from the GlycoGenesys bankruptcy estate and continued prosecuting the claims against the company and Dr. Platt. Prospect informed the court at the beginning that it would not seek monetary damages other than recovery of attorney fees.

James Czirr, chairman of the Board, Pro-Pharmaceuticals, said: “I want to thank the outstanding team of new and continuing directors as well as the management team who accepted the challenge in February of this year. We assembled an exceptional team despite the litigation.We also would like to thank our loyal shareholders who have stayed with us and supported the Company’s mission. We believe that their patience will be rewarded.”

Pro-Pharmaceuticals is a developer of carbohydrate-based, targeted therapeutic compounds to treat cancer and fibrosis.