<SUBMISSION>
<ACCESSION-NUMBER>0001157523-09-000035
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>2
<PERIOD>20081230
<ITEMS>3.01
<ITEMS>5.02
<ITEMS>9.01
<FILING-DATE>20090105
<DATE-OF-FILING-DATE-CHANGE>20090105
<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>8-K
<ACT>34
<FILE-NUMBER>001-31791
<FILM-NUMBER>09506248
</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>8-K
<SEQUENCE>1
<FILENAME>a5863809.htm
<DESCRIPTION>PRO-PHARMACEUTICALS, INC. 8-K
<TEXT>
<html>
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    <title></title>
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    <p style="text-align: center">
      <font style="font-size: 18pt"><b>UNITED STATES&#160;</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 18pt"><b>SECURITIES
      AND EXCHANGE COMMISSION</b></font><br><font style="font-size: 10pt; font-family: Times New Roman"><b>Washington,
      D.C. 20549</b></font>
    </p>
    <hr style="text-align: center; width: 20%; color: #000000; height: 1.0 pt">


    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 16pt"><b>&#160;FORM 8-K</b></font>
    </p>
    <hr style="text-align: center; width: 20%; color: #000000; height: 1.0 pt">


    <p style="text-align: center">
      <br>
      <font style="font-size: 12pt; font-family: Times New Roman"><b>CURRENT
      REPORT</b></font><br><font style="font-size: 12pt; font-family: Times New Roman"><b>Pursuant
      to Section 13 or 15(d) of the Securities Exchange Act of 1934</b></font><br><br><font style="font-size: 10pt; font-family: Times New Roman"><b>December
      30, 2008</b></font><br><font style="font-size: 10pt; font-family: Times New Roman"><b>Date
      of Report&#160;(Date of earliest event reported)</b></font><br><br><br><font style="font-family: Times New Roman; font-size: 20pt"><b>PRO-PHARMACEUTICALS,
      INC.</b></font><br><font style="font-size: 10pt; font-family: Times New Roman"><b>(Exact
      Name of Registrant as Specified in Charter)</b></font><br>
    </p>
    <p style="text-align: center">
      <br>

    </p>
    <div style="text-align:left">
    <table style="width: 100%; margin-bottom: 10.0px; font-size: 10pt; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="width: 33%; text-align: center; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Nevada</b>
          </p>
        </td>
        <td style="width: 34%; text-align: center; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>000-32877</b>
          </p>
        </td>
        <td style="width: 33%; text-align: center; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>04-3562325</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 33%; text-align: center; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt; font-family: Times New Roman"><b>(State
            or Other Jurisdiction</b></font><br><font style="font-size: 10pt; font-family: Times New Roman"><b>
            of&#160;Incorporation)</b></font>
          </p>
        </td>
        <td style="width: 34%; text-align: center; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt; font-family: Times New Roman"><b>(Commission
            File Number)</b></font>
          </p>
        </td>
        <td style="width: 33%; text-align: center; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt; font-family: Times New Roman"><b>(I.R.S.
            Employer</b></font>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt; font-family: Times New Roman"><b>Identification
            No.)</b></font>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>
      <br>

    </p>
    <div style="text-align:left">
    <table style="width: 100%; margin-bottom: 10.0px; font-size: 10pt; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>7 WELLS AVENUE</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>NEWTON, MASSACHUSETTS</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>02459</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt; font-family: Times New Roman"><b>(Address
            of Principal Executive Offices)</b></font><b> <font style="font-size: 10pt; font-family: Times New Roman">(Zip
            code)</font></b>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      <b>(617) 559-0033</b><br><b>(Registrant&#8217;s telephone number, including
      area code)</b><br>
    </p>
    <hr style="height: 1.0 pt; width: 20%; text-align: center; color: #000000">


    <p style="text-align: center">

    </p>
    <p>
      <font style="font-size: 10pt; font-family: Times New Roman">Check the
      appropriate box below if the Form 8-K filing is intended to
      simultaneously satisfy the filing obligation of the registrant under any
      of the following provisions&#160;</font>(<i>see</i> General Instruction
      A.2. below)<font style="font-size: 10pt; font-family: Times New Roman">:</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font>
    </p>
    <div style="margin-left: 0pt; margin-right: 0pt; width: 100%; text-indent: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>Change in Directors or Principal Officers, Financial Statements and
      Exhibits</b>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Times New Roman"><b>Item
      5.02&#160;&#160;&#160;&#160;&#160;Departure of Directors or Principal Officers; Election of
      Directors; Appointment of Principal Officers.</b></font><font style="font-size: 10pt; font-family: Times New Roman"><br style="font-family: Times New Roman; font-size: 10pt"></font>
    </p>
    <p style="text-align: justify">
      On December 31<sup>st</sup>, 2008, Pro-Pharmaceuticals, Inc. (&#8220;the
      Company&#8221;) announced that Theodore H. Zucconi, Ph.D., had been terminated
      as President.&#160;&#160;Dr. Zucconi continues as a member of the Company&#8217;s Board
      of Directors.
    </p>
    <p style="text-align: justify">

    </p>
    <p>
      <font style="font-size: 10pt; font-family: Times New Roman"><b>Item
      3.01&#160;&#160;&#160;&#160;&#160;Notice of Delisting or Failure to Satisfy a Continued Listing
      Rule or Standard; Transfer of Listing.</b></font><font style="font-size: 10pt; font-family: Times New Roman"><br style="font-family: Times New Roman; font-size: 10pt"></font>
    </p>
    <p style="text-align: justify">
      On December 23, 2008, the Company met with the NYSE Alternext US (&#8220;the
      Exchange&#8221;) to appeal the Exchange&#8217;s decision to begin the de-listing
      process of the company&#8217;s common stock.&#160;&#160;The Company is out-of-compliance
      with Section 1003(a)(ii) of the Exchange&#8217;s Company Guide.&#160;&#160;On December
      30, 2008, the Exchange notified the Company that it has denied the
      Company&#8217;s appeal and will begin the de-listing process in accordance
      with Exchange rules.&#160;&#160;The Company anticipates that its shares will be
      listed for quotation on the Over-the-Counter Bulletin Board (OTCBB) or
      another market and has begun the OTCBB listing process.&#160;&#160;The Company
      will notify investors of its new stock symbol as soon as it becomes
      available.
    </p>
    <p style="text-align: justify">

    </p>
    <p>
      <font style="font-size: 10pt; font-family: Times New Roman"><b>Item
      9.01&#160;&#160;&#160;&#160;&#160;Financial Statements and Exhibits.</b></font>
    </p>
    <div style="text-align:left">
    <table style="width: 100%; margin-bottom: 10.0px; font-size: 10pt; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="width: 7%">
          &#160;
        </td>
        <td style="width: 93%; text-align: left; padding-left: 0.0px" valign="top">
          <b>(d) Exhibits.</b>
        </td>
      </tr>
      <tr>
        <td style="width: 7%">

        </td>
        <td style="width: 93%; text-align: left; padding-left: 0.0px" valign="top">
          News Release of Pro-Pharmaceuticals, Inc., dated December 31, 2008.
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-left: 0pt; margin-right: 0pt; width: 100%; text-indent: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-align: center">
      <font style="font-size: 10pt; font-family: Times New Roman"><b>SIGNATURES</b></font>
    </p>
    <p style="text-indent: 30.0px">
      <font style="font-size: 10pt; font-family: Times New Roman">Pursuant to
      the requirements of the Securities Exchange Act of 1934, the registrant
      has duly caused this report to be signed on its behalf by the
      undersigned thereunto duly authorized.</font>
    </p>
    <div style="text-align:left">
    <table style="width: 100%; margin-bottom: 10.0px; font-size: 10pt; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td colspan="2" style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            PRO-PHARMACEUTICALS, INC.
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td colspan="2" style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td colspan="2" style="text-align: left; padding-left: 0.0px" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 5%; text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="width: 45%; text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="width: 3%; text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">
          By:
        </td>
        <td style="width: 47%; text-align: left; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            /s/ David Platt
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="width: 3%">

        </td>
        <td style="width: 47%; text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            David Platt
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="width: 3%">

        </td>
        <td style="width: 47%; text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Chief Executive Officer
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="width: 3%">

        </td>
        <td style="width: 47%; text-align: left; padding-left: 0.0px" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 5%; text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Date:
          </p>
        </td>
        <td style="width: 45%; text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            January 5, 2009
          </p>
        </td>
        <td style="width: 3%">

        </td>
        <td style="width: 47%">

        </td>
      </tr>
    </table>
    </div>
    <div style="margin-left: 0pt; margin-right: 0pt; width: 100%; text-indent: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-align: center">
      EXHIBIT INDEX
    </p>
    <div style="text-align:left">
    <table style="width: 100%; margin-bottom: 10.0px; font-size: 10pt; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="width: 12%; text-align: left; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="bottom">
          <b>Exhibit</b><br><b>Number</b>
        </td>
        <td style="width: 5%; text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="bottom">
          &#160;
        </td>
        <td style="width: 83%; text-align: left; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="bottom">
          <b>Exhibit</b>
        </td>
      </tr>
      <tr>
        <td style="width: 12%; text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px" valign="top">
          99.1
        </td>
        <td style="width: 5%; text-align: left; padding-left: 0.0px" valign="bottom">

        </td>
        <td style="width: 83%; text-align: left; padding-left: 0.0px" valign="bottom">
          News Release of Pro-Pharmaceuticals, Inc., dated December 31, 2008.
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <p style="text-align: left">

    </p>
    <p style="text-align: center">

    </p>
    <p>

    </p>
  </body>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a5863809ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2008 Business Wire, a Berkshire Hathaway company.-->
<!--All rights reserved www.businesswire.com-->
  </head>
  <body style="font-size: 8pt; font-family: Times New Roman">
    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>Pro-Pharmaceuticals
      Provides Year-End Update</b></font>
    </p>
    <p style="text-align: center">
      <i><font style="font-size: 12pt; font-family: Times New Roman"><b>Company
      Will Seek OTCBB Listing After NYSE Alternext Denies De-listing Appeal;</b></font></i>
    </p>
    <p style="text-align: center">
      <i><font style="font-size: 12pt; font-family: Times New Roman"><b>Rights
      Offering Proceeding, Subject to Required State Filings;</b></font></i>
    </p>
    <p style="text-align: center">
      <i><font style="font-size: 12pt; font-family: Times New Roman"><b>FDA
      Update Expected in January 2009;</b></font></i>
    </p>
    <p style="text-align: center">
      <i><font style="font-size: 12pt; font-family: Times New Roman"><b>Company
      Reduces Headcount to Preserve Cash</b></font></i>
    </p>
    <p>
      NEWTON, Mass.--(BUSINESS WIRE)--December 31, 2008--<b>Pro-Pharmaceuticals,
      Inc. (the &#8220;Company&#8221;) (NYSE Alternext US: PRW)</b>, today
      provided an update regarding the company&#8217;s proposed rights offering,
      pre-New Drug Application (NDA) filing and related meeting with the U.S.
      Food and Drug Administration (FDA) regarding the company&#8217;s lead product
      candidate DAVANAT<sup>&#174;</sup>, NYSE Alternext US stock listing, and
      cash saving initiatives.
    </p>
    <p>
      <i><b>De-listing from NYSE Alternext</b></i>
    </p>
    <p>
      On December 23, 2008, the company met with the NYSE Alternext US
      (&#8220;Exchange&#8221;) to appeal the Exchange&#8217;s decision to begin the de-listing
      process of the company&#8217;s common stock. The company is out-of-compliance
      with Section 1003(a)(ii) of the Exchange&#8217;s Company Guide. On December
      30, 2008, the Exchange notified the company that it has denied the
      company&#8217;s appeal and will begin the de-listing process in accordance
      with Exchange rules. The company anticipates that its shares will be
      listed for quotation on the Over-the-Counter Bulletin Board (OTCBB) or
      another market and has begun the OTCBB listing process. The company will
      notify investors of its new stock symbol as soon as it becomes available.
    </p>
    <p>
      <i><b>Rights Offering and FDA Meeting</b></i>
    </p>
    <p>
      The company is completing all of the state securities filings for its
      proposed rights offering to its shareholders and expects to begin
      marketing the rights offering in January 2009. The company filed a
      registration statement with the Securities and Exchange Commission (SEC)
      in mid-November for its rights offering in which it plans to distribute,
      at no charge to its existing holders of the company&#8217;s common stock on
      the record date, subscription rights to purchase shares of its common
      stock and warrants. The company plans to file an amended registration
      statement with the SEC as soon as it receives approvals from applicable
      state securities authorities.
    </p>
    <p>
      The company expects to use the proceeds from the rights offering to
      complete the submission of a NDA to the FDA for DAVANAT<sup>&#174;</sup>
      to be co-administered with 5-Fluorouracil (5-FU) to treat late-stage
      colorectal cancer patients. The company had a pre-NDA meeting with the
      FDA on December 22, 2008 to review the PK study which the company
      believes is needed to complete the NDA filing. The company plans to
      announce the results of that meeting as soon as it receives the FDA&#8217;s
      comments, which are expected in January 2009.
    </p>
    <p>
      <i><b>Cash Conservation Efforts</b></i>
    </p>
    <p>
      The company also announced that it has released three employees,
      including its president and chief scientist, and reduced non-strategic
      expenses in order to extend its cash runway through January 2009.
    </p>
    <p>
      <b>About Pro-Pharmaceuticals, Inc. &#8211; Advancing Drugs Through Glycoscience<sup>&#174;</sup></b>
    </p>
    <p>
      Pro-Pharmaceuticals is a clinical and development stage pharmaceutical
      company engaged in the discovery, development and commercialization of
      carbohydrate-based, therapeutic compounds for advanced treatment of
      cancer, liver, microbial and inflammatory diseases. The Company&#8217;s
      initial focus is the development of carbohydrate polymers to treat
      cancer patients. DAVANAT<sup>&#174;</sup>, the Company&#8217;s lead drug
      candidate, is a polysaccharide polymer that targets Galectin receptors
      on cancer cells. The Company is headquartered in Newton, Mass.
      Additional information is available at <u>www.pro-pharmaceuticals.com</u>.
    </p>
    <div style="margin-right: 0pt; margin-left: 0pt; width: 100%; text-indent: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>FORWARD LOOKING STATEMENTS:</b> Any statements in this news release
      about future expectations, plans and prospects for the Company,
      including without limitation statements containing the words &quot;believes,&quot;
      &quot;anticipates,&quot; &quot;plans,&quot; &quot;expects,&quot; &#8220;intends,&#8221; and similar expressions,
      constitute forward-looking statements as defined in the &quot;safe harbor&quot;
      provisions of the Private Securities Litigation Reform Act of 1995.
      These forward-looking statements are based on management's current
      expectations and are subject to a number of factors and uncertainties,
      which could cause actual results to differ materially from those
      described in such statements. We caution investors that actual results
      or business conditions may differ materially from those projected or
      suggested in forward-looking statements as a result of various factors
      including, but not limited to, the following: (i) uncertainties as to
      the utility and market for our potential products; (ii) uncertainties
      associated with pre-clinical and clinical trials of our product
      candidates; (iii) uncertainties as to whether our common stock will be
      listed on the OTCBB or another market; or (iv) the results of the Rights
      Offering. More information about those risks and uncertainties is
      contained in the Company's most recent quarterly or annual report and in
      the Company's other reports filed with the Securities and Exchange
      Commission. While the Company anticipates that subsequent events may
      cause the Company's views to change, the Company disclaims any
      obligation to update such forward-looking statements.
    </p>
    <p>
      DAVANAT and Advancing Drugs Through Glycoscience are registered
      trademarks of Pro-Pharmaceuticals.
    </p>
    <p>
      CONTACT:<br>Pro-Pharmaceuticals, Inc.<br>Anthony D. Squeglia,
      617-559-0033<br><u>squeglia@pro-pharmaceuticals.com</u>
    </p>
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