GALECTIN THERAPEUTICS INC — Director's Dealing 2010

May 12, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PRO PHARMACEUTICALS INC (PRWP.OB)
CIK: 0001133416
Period of Report: 2010-05-12

Reporting Person: TRABER PETER G (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-05-10	Series B-2 Convertible Preferred Stock	$0.50	P	50000	Acquired		Common Stock (200000)	Indirect
2010-05-10	Class A-1 Warrant (right to buy)	$0.50	P	1	Acquired	2015-05-10	Common Stock (100000)	Indirect
2010-05-10	Class A-2 Warrant (right to buy)	$0.50	P	1	Acquired	2015-05-10	Common Stock (100000)	Indirect
2010-05-10	Class B Warrant (right to buy)	$0.50	P	1	Acquired	2015-05-10	Common Stock (200000)	Indirect

Footnotes

F1: Each share of Series B-2 Convertible Preferred Stock is convertible into four shares of Issuer's common stock at a conversion price of $0.50 per share (subject to customary anti-dilution protection adjustments) at the option of (a) the 10X Fund, L.P. at any time and (b) Issuer, at any time after May 10, 2011 (and upon 10 days notice) if the Issuer's common stock is quoted at or above $1.50 per share for 15 consecutive trading days and an effective registration statement regarding the underlying shares of Issuer's common stock is in effect (subject to certain monthly volume limits). The shares of Series B-2 Convertible Preferred Stock do not expire.

F2: On April 30, 2010, 10X Fund, L.P. purchased on behalf of and allocated to the account of Peter Traber (a) 250,000 shares of Series B-2 Preferred Stock, (b) one Class A-1 Warrant to purchase 100,000 shares of Common Stock for $0.50 per share, (c) one Class A-2 Warrant to purchase 100,000 shares of Common Stock for $0.50 per share, and (d) one Class B Warrant to purchase 200,000 shares of Common Stock for $0.50 per share, for aggregate consideration of $100,000.

F3: Reporting Person is a limited partner of 10X Fund, L.P., a Delaware limited partnership, and as such, may be deemed to have indirect pecuniary interest in the above described securities of Pro-Pharmaceuticals via his limited partnership interest in 10X Fund, L.P., such portion being equal to (a) a pro-rated $100,000 interest in the profits of 10X Fund, L.P.,

F4: Mr. Traber disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.