Pro-Pharmaceuticals Receives Amex Non-Compliance Notice

NEWTON, Mass.--(Business Wire)--
Pro-Pharmaceuticals, Inc. (Amex: PRW), a developer of
first-in-class, carbohydrate-based targeted therapeutic compounds to
treat cancer and liver fibrosis, today announced the American Stock
Exchange ("Amex") notified the Company that it does not meet a
continued listing standard because it has less than $4 million in
stockholders' equity and has sustained losses from continuing
operations and/or net losses in three of its four most recent fiscal
years as set forth in Section 1003(a)(ii) of the Amex Company Guide.
The Company intends to file by June 13, 2008 a revised plan with the
Amex to regain compliance with this standard.

The Company filed its original plan following an Amex notice in
June 2007 that it did not meet a minimum stockholders' equity
requirement of $2 million. The Amex in September 2007 accepted the
Company's initial plan and granted an extension until October 13, 2008
to regain compliance with the continued listing standards, subject to
periodic review by Amex during the extension period. Failure to make
progress consistent with the plan or to regain compliance by the end
of the extension period could result in the Company being de-listed
from the Amex.

The audit report on the financial statements of the Company
contained a going concern qualification in its Form 10-K Annual Report
for the year ended December 31, 2007.

"The Company is working on a number of financing options to meet
the Amex requirements and will include them in our plan to the AMEX,
"said Theodore Zucconi, Ph.D., President, Pro-Pharmaceuticals. "Our
goal is to meet the Amex requirement by October. The platforms for
oncology and fibrosis drugs enable us to pursue multiple funding
sources."

Pro-Pharmaceuticals, Inc. - Advancing Drugs Through
Glycoscience(R)

Pro-Pharmaceuticals is a clinical stage company engaged in the
discovery, development and commercialization of carbohydrate-based,
target therapeutic compounds for advanced treatment of cancer, liver,
microbial and inflammatory diseases. The Company's initial focus is
the development of carbohydrate polymers to treat cancer patients.
DAVANAT(R), the Company's lead product candidate, is a polysaccharide
drug whose mechanism of action is based upon binding to lectins on the
cell surface. This form of target therapy may allow for higher doses
of chemotherapy administration with no increase in toxicity. The
Company's technology is also being used to develop new chemical
entities to treat serious diseases such as liver and kidney fibrosis.
The Company is headquartered in Newton, Mass. Additional information
is available at www.pro-pharmaceuticals.com.

FORWARD LOOKING STATEMENTS: Any statements in this news release
about future expectations, plans and prospects for the Company
constitute forward-looking statements as defined in the "safe harbor"
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
and not place undue reliance on forward-looking statements.

More information about those risks and uncertainties is contained
and discussed in the Company's most recent quarterly or annual report
and in the Company's other reports filed with the Securities and
Exchange Commission. The forward-looking statements represent the
Company's views as of the date of this news release and should not be
relied upon to represent the Company's views as of a subsequent date.
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.

Advancing Drugs Through Glycoscience and DAVANAT are registered
trademarks of Pro-Pharmaceuticals.

Pro-Pharmaceuticals, Inc.
Anthony D. Squeglia, 617-559-0033
squeglia@pro-pharmaceuticals.com.

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