FORM OF BENEFICIAL OWNER ELECTION

Exhibit 4.7

FORM OF BENEFICIAL OWNER ELECTION

The undersigned acknowledge(s) receipt of your letter and the enclosed materials referred to therein relating to the offering by Pro-Pharmaceuticals, Inc., a Nevada corporation (the “Company”) of subscription rights (the “Rights”) to purchase (i) shares of the Company’s common stock, par value $0.001 per share and (ii) transferable Series C Common Stock purchase warrants to purchase additional shares of the Common Stock (the “Rights Offering”).

With respect to any instructions to exercise (or not to exercise) the Rights, the undersigned acknowledges that this form must be completed and returned such that it will actually be received by you by 5:00 p.m., New York City time, on December [    ], 2008, the last business day prior to the scheduled expiration date of the Rights Offering of December [    ], 2008 (which may be extended by the Company in its sole discretion).

This will instruct you whether to exercise Rights to purchase shares of the common stock and warrants distributed with respect to the shares of the common stock held by you for the account of the undersigned, pursuant to the terms and subject to the conditions set forth in the Prospectus and the related Subscription Rights Certificates.

Box 1. ¨ • Please DO NOT EXERCISE RIGHTS for shares of common stock and warrants.

Box 2. ¨ • Please EXERCISE RIGHTS for shares of common stock and warrants as set forth below.

The number of Rights for which the undersigned gives instructions for exercise under the Basic Subscription Rights should not exceed the number of Rights that the undersigned is entitled to exercise.

Box 3. ¨ • Payment in the following amount is enclosed $            .

Box 4. ¨ • Please deduct payment from the following account maintained by you as follows: