Exhibit 99.1


         Pro-Pharmaceuticals Announces Termination of SEC Investigation


    NEWTON, Mass.--(BUSINESS WIRE)--July 28, 2005--Pro-Pharmaceuticals, Inc.
(Amex: PRW), a developer of novel cancer therapeutics to target cancer
cells through carbohydrate chemistry, today received written notification
from the Securities and Exchange Commission that the SEC has terminated
its investigation of the Company, begun in October 2003, without
recommendation of any enforcement action.

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

    Pro-Pharmaceuticals is a drug development company commercializing
a new generation of anti-cancer treatments using carbohydrate
compounds to Glyco-Upgrade(TM) the safety and efficacy of FDA-approved
chemotherapy drugs. The Company has been conducting pre-clinical
studies for irinotecan, doxorubicin, oxaliplatin, paclitaxel,
cisplatin, and most recently with bevacizumab both in combination with
DAVANAT(R) and other polysaccharide compounds. Human colon and breast
xenography are being used to optimize formulations and results show
that DAVANAT(R) exhibits a broad spectrum of activity with tested
drugs. 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,
including without limitation statements containing the words
"believes," "anticipates," "plans," "expects," and similar
expressions, constitute forward-looking statements as defined in the
"safe harbor" provisions of the Private Securities Litigation Reform
Act of 1995. Because of uncertainties and risks facing the Company,
many of which are outside of the Company's control, future events
could cause actual results to differ materially from those indicated
by such statements. More information about those risks and
uncertainties is contained and discussed in the "Management Discussion
and Analysis of Financial Condition and Results of Operations" and
"Risk Factors" sections of 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
herein represent the Company's views as of the date of this press
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.

    DAVANAT and Advancing Drugs Through Glycoscience are registered
trademarks of Pro-Pharmaceuticals. Glyco-Upgrade, CARBOSOME and
UNIVERSAL CARBOHYDRATE LINKER TECHNOLOGY are trademarks of
Pro-Pharmaceuticals.



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