Pro-Pharmaceuticals announces name change to Galectin Therapeutics

Pro-Pharmaceuticals, Inc.May 27 2011

Pro-Pharmaceuticals, Inc. (OTC: PRWP) today announced that it has changed its name to Galectin Therapeutics Inc. to more accurately reflect the Company's core expertise in galectin science and its leading platform for the creation of galectin inhibitors to treat serious diseases including fibrosis and cancer. The name change was implemented by Galectin Therapeutics' Board of Directors pursuant to authorization by the Company's shareholders in a vote recorded at the Annual Stockholders Meeting on May 26, 2011. Galectin Therapeutics' stock will continue to trade under the symbol "PRWP" but the Company anticipates that it will begin trading under a new ticker symbol in the near future.

"Galectin proteins are critical drug targets because they play a fundamental role in the progression of a wide variety of serious diseases," commented James Czirr, Executive Chairman. "We are naming our company Galectin Therapeutics based on the combination of our pioneering galectin science coupled with our novel carbohydrate drug discovery platform."

"We anticipate exciting developments in each of the programs in our promising portfolio of galectin inhibitors over the near-term," said Peter G. Traber, M.D., President and CEO. "We are enthusiastic about our liver fibrosis program which is in late pre-clinical development. The mechanism of galectin inhibition is well suited to the treatment of liver fibrosis, a critical condition with a high patient mortality, high cost to the healthcare system and no therapeutic options other than liver transplantation. In tumor immunology, a Phase 1/2 study of GM-CT-01 in combination with various tumor antigens for metastatic melanoma is planned for the third quarter of this year through our collaboration with The Ludwig Institute of Cancer Research in Belgium. Additionally, we are seeking approval for GM-CT-01 used in combination with 5-FU to treat colorectal cancer in Colombia as part of a South American commercialization effort with a decision anticipated in early 2012."