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Vista Partners Updates Coverage on Pro-Pharmaceuticals, Inc.; Raises Target Price to $3.22
Date:4/5/2011

SAN FRANCISCO, April 5, 2011 /PRNewswire/ -- Vista Partners announced today that it has updated coverage on Pro-Pharmaceuticals, Inc. (OTCBB: PRWP) ("the Company") and raised its twelve month target price to $3.22. Ross Silver, Principal Analyst at Vista Partners stated, "The Company stated that it has reached an agreement with the FDA on the design of a pivotal, randomized, controlled, and blinded Phase III clinical trial of DAVANAT®. We believe this to be a significant milestone in the Company's history and could open the door for a potential partnership." Mr. Silver continued, "The Company has stated that it plans to initiate a Phase I/ll clinical trial of DAVANAT® in combination with a melanoma vaccine in collaboration with the Ludwig Institute in Brussels, Belgium in the third quarter.  This collaboration to date has shown that DAVANAT® activates tumor-specific cytotoxic T-cells allowing them to kill tumor cells. In addition, the Company plans to obtain an IND for treatment of liver fibrosis in the fourth quarter and plans to initiate clinical trials in early 2012."  Mr. Silver concludes, "We believe Pro-Pharmaceuticals to be one of the most attractive small cap biotechnology companies we have come across as a result of its robust clinical pipeline, which includes two candidates entering the clinic later this year and a late stage clinical candidate for metastatic colorectal cancer, all of which would compete in multi-billion dollar markets if approved. In addition, the Company has a strong management team, which is led by CEO Dr. Peter Traber, the former Chief Medical Officer of GlaxoSmithKline plc."

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