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Pro-pharmaceuticals Issues Corporate Update

Published in Medicine and Law Weekly, May 4th, 2007

Pro-Pharmaceuticals, Inc. (Amex: PRW), a developer of novel, first-in-class carbohydrate compounds today announced it is issuing a corporate update in the following letter that is being mailed to shareholders.

Dear Shareholder:

2006 was a challenging year for our Company. We raised $10 million to fund our operations at a time when early stage pharmaceuticals were "out-of-favor" and we had only Phase l results. As a result, the terms and conditions of this financing were not ideal and put pressure on our share price.

We have since restructured this financing. Our current plan is to raise capital to fund our development activities...

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