interest to holders

There are two US companies working on carbohydrate drugs in oncology , both in about the same stage of developement as Solbec , but without the use of the large Rhamnose Binding Protein patented by Solbec . Glyco Genesys(GLGS) founder was fired by them and has founded the second company , Pro Pharmaceuticals(PRW) around a similar science using the galectin receptors and pectin sugars .
Resulting litigation between the two companies over the ownership of the technology , has left the market caps of both companies slashed by the market .GLGS is down to $US27m and PRW is down to $US48m , down 67% and 47% since litigation started . Under normal circumstances they were valued at $US 100m + . I have not seen anything in their phase 1 interim results to compare with the interim info released by Solbecs trial doctor . Looks good for Solbec .
Here is an article I found on the litigation . BOSTON--(BUSINESS WIRE)--Nov. 11, 2004--GlycoGenesys, Inc., (Nasdaq: GLGS - News), a biotechnology company developing carbohydrate-based drugs, announced earlier today that it was awarded a favorable ruling in the arbitration proceedings brought by the Company against David Platt, its former CEO. With this favorable decision in hand, GlycoGenesys is taking the opportunity to describe the separate litigation with Platt and Pro-Pharmaceuticals, Inc. (AMEX:PRW - News), the company Platt now heads, and its business implications. This separate litigation, regardless of outcome, does not affect our rights to pursue commercialization of GCS-100.

Bradley J Carver, President and CEO of GlycoGenesys, Inc., said, "With the issuance of the favorable arbitration decision, the outstanding litigation risk and uncertainty relating to GlycoGenesys' intellectual property is clearly resolved. As we move forward, we believe the focus on litigation risks and uncertainties relating to intellectual property will shift to Platt and Pro- Pharmaceuticals, because we are seeking ownership of Davanat®."

Mr. Carver continued, "As previously disclosed, Platt initiated a separate litigation against GlycoGenesys largely in connection with his termination agreement. As part of this litigation, we have filed several counterclaims against Platt and Pro-Pharmaceuticals targeting their core intellectual property including Pro-Pharmaceuticals' lead product, Davanat. We are seeking the assignment of Davanat to GlycoGenesys and to prevent Platt and Pro- Pharmaceuticals from developing and selling polysaccharides to treat cancer. Much as GlycoGenesys has done through the arbitration process, we will pursue this legal action in a manner that minimizes management's time and is results driven."

"Platt's claims in the litigation, in which he seeks monetary damages, in our opinion are without merit. Moreover, we believe they represent limited financial exposure to us based on the amount of severance in dispute and the price and volume of our stock following the expiration of his lock-up and his realized proceeds," concluded Mr. Carver.

Litigation Background:

In May 2000, David Platt signed a termination agreement and agreed not to compete with GlycoGenesys.

In July 2000, Platt incorporated Pro-Pharmaceuticals, Inc., a biotech company to develop carbohydrate-based drugs and drug-delivery products in the field of oncology.

In early 2001, the Company stopped severance payments under the termination agreement because of Platt's competitive activities with Pro-Pharmaceuticals, as well as other breaches of the termination agreement.

In the fall 2002 through summer 2003, Platt sold shares of GlycoGenesys subject to Rule 144 limitations.

In January 2004, the U.S. Patent and Trademark Office issued to GlycoGenesys U.S. Patent No. 6,680,306 "Method for Enhancing the Effectiveness of Cancer Therapies" covering the use of GCS-100® and other carbohydrates that bind to galectins prior to or in combination with chemotherapy or surgery for the treatment of cancer.

Pro-Pharmaceuticals' lead drug candidate, Davanat®, is a carbohydrate administered in combination with existing chemotherapies to potentially enhance their efficacy and reduce their toxicity. Pro-Pharmaceuticals publicly states that Davanat binds to galectins. Pro-Pharmaceuticals began developing Davanat shortly after David Platt signed a termination agreement with GlycoGenesys.