sequentially and yesterday it closed the day at $0.790 per share on a trading volume of over 560 thousand shares.Obviously, something has caught the investors’ eyes, though no reasonable explanation on the up move can be found. No recent news has been released on the company’s activities, except for a few promotional newsletters in mid-September.
The last announcement on the website of Pro-Pharmaceuticals was on its new collaboration with Numoda Corporation to oversee the Phase III clinical trial of DAVANAT® and 5-FU as compared with the standard treatment of patients with advanced cancer.[BANNER]
After this news was published, PRWP filed its 8-K report, according to which on Jul. 21 this year Pro-Pharmaceuticals was notified that McGladrey & Pullen, LLP has acquired certain assets of Caturano and Company, Inc, the company’s independent accounting firm, and all of its officers and employees joined McGladrey. As a result, on Sep. 29, McGladrey & Pullen LLP was appointed by Pro-Pharmaceuticals as its new independent accounting firm.
However, nobody can be certain on the way this news has reflected on the PRWP stock, as its price started to move up on Sep. 24.
Pro-Pharmaceuticals, Inc. is a development-stage company engaged in the discovery and development of Galectin-targeting therapeutics. As a development stage company, Pro-Pharmaceuticals has not generated any revenues so far. Since its inception in 2000, it has financed its operations from proceeds of public and private offerings of debt and equity. The company has raised over $2 million of unrestricted cash and cash equivalents, however, it has to cover its operating loss.
According to its financial report, PRWP needs to “raise sufficient additional funds which will serve to increase our research and development expense”, and “Moreover, the FDA or other regulatory agencies may suspend clinical trials if we or an agency believes patients in the trial are subject to unacceptable risks, or find deficiencies in the conduct of the clinical trial”.
