<SUBMISSION>
<ACCESSION-NUMBER>0001193125-06-121911
<TYPE>424B3
<PUBLIC-DOCUMENT-COUNT>1
<FILING-DATE>20060531
<DATE-OF-FILING-DATE-CHANGE>20060531
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>PRO PHARMACEUTICALS INC
<CIK>0001133416
<ASSIGNED-SIC>2834
<IRS-NUMBER>043562325
<STATE-OF-INCORPORATION>NV
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>424B3
<ACT>33
<FILE-NUMBER>333-132459
<FILM-NUMBER>06876581
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>189 WELLS ST
<STREET2>STE 200
<CITY>NEWTON
<STATE>MA
<ZIP>02459
<PHONE>6175590033
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>189 WELLS ST
<STREET2>STE 200
<CITY>NEWTON
<STATE>MA
<ZIP>02459
</MAIL-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>424B3
<SEQUENCE>1
<FILENAME>d424b3.htm
<DESCRIPTION>FORM 424(B)(3)
<TEXT>
<HTML><HEAD>
<TITLE>Form 424(b)(3)</TITLE>
</HEAD>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">Filed Pursuant to Rule 424(b)(3) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"
ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">Registration No.&nbsp;333-132459 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>PROSPECTUS SUPPLEMENT NO. 1 </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>(TO PROSPECTUS DATED MARCH 29, 2006) </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="4"><B>PRO-PHARMACEUTICALS, INC. </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>7,300,000 SHARES OF COMMON STOCK </B></FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><HR WIDTH="17%" SIZE="1" NOSHADE COLOR="#000000"> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">This prospectus supplement relates
to (i)&nbsp;up to 5,150,000 shares of our Common Stock, par value $0.001 per share, issuable upon the conversion or redemption of, or as interest payments on, our 7% Convertible Debentures (the &#147;Debentures&#148;) and (ii)&nbsp;up to 2,150,000
shares of our Common Stock issuable upon the exercise of Common Stock Purchase Warrants (the &#147;Warrants&#148;). We issued and sold the Debentures and Warrants on February&nbsp;14, 2006. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The Debentures state that we may elect to make redemption and interest payments thereunder in cash or shares of our Common Stock. On May&nbsp;30, 2006,
we provided notice to the initial holders of the Debentures that we have elected to pay the interest due July&nbsp;1, 2006 in shares of our Common Stock. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">This prospectus supplement should be read in conjunction with the Prospectus dated March&nbsp;29, 2006, which is to be delivered with this prospectus supplement. All capitalized terms used but not defined in this
prospectus supplement shall have the meanings given them in the Prospectus. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Investing in the shares of Common Stock issued pursuant to the
Debentures or upon exercise of the Warrants involves substantial risks. See &#147;Risk Factors&#148; beginning on page 4 of the Prospectus dated March&nbsp;29, 2006. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">Our Common Stock is quoted on the American Stock Exchange under the symbol &#147;PRW&#148;. The last reported price of our Common Stock on May&nbsp;30, 2006 was $3.19 per share. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined
whether this prospectus supplement or the Prospectus is truthful or complete. Any representation to the contrary is a criminal offense. </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P
STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">The date of this prospectus supplement is May&nbsp;31, 2006. </FONT></P>
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</TEXT>
</DOCUMENT>
</SUBMISSION>
