Pro-Pharmaceuticals, Inc. (OTC:PRWP) has announced that it has closed a $325,000 trance of a private placement of up to $6.0 million with 10X Fund, LP. The private placement was for the purchase of unregistered Series B convertible preferred stock and warrants. The tranche brings the total raised from the 10X Fund to $4.4 million.
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Following the closing on December 8, 2009, 162,500 shares of Series B-2 preferred stock were issued. A Class A-1 and Class A-2 warrant was also issued for the purchase of 325,000 shares of common stock, in addition to a Class B warrant to purchase 1,300,000 shares of common stock. The net proceeds were reported at $310,000.
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