Published: March 12, 2010
Provectus Pharmaceuticals Closes $7.5 Million Private Placement
KNOXVILLE, Tenn. - (BUSINESS WIRE) - Provectus Pharmaceuticals, Inc. (OTC BB: PVCT), a development-stage
oncology and dermatology biopharmaceutical company, announced today that
it has received gross proceeds of approximately $7.5 million in a
private placement offering to institutional and accredited investors. In
connection with the closing, the Company issued approximately 10.0
million shares of its convertible preferred stock and warrants to
purchase approximately 5.0 million shares of its common stock at an
exercise price of $1.00 per share. The Company expects to close on
additional gross proceeds of approximately $450,000 on or before March
15. The shares issued to the investors and the shares underlying the
warrants have not been and will not be registered under the Securities
Act of 1933, and may not be offered or sold in the United States absent
registration or an applicable exemption from registration requirements.
This press release shall not be deemed an offer to sell or a
solicitation of an offer to buy any securities of the Company, nor shall
there be any sale of these securities in any state or jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
The Company intends to use the proceeds of the private placement for
working capital purposes. Peter Culpepper, the Company's CFO and COO
said, "With the closing of this offering, Provectus has strengthened its
operational activities and expanded its shareholder base to include new
individual and institutional investors. We believe we have now raised
enough capital to fully finance existing clinical trials through to
completion, and do not anticipate the need for any further capital in
order to bring our existing metastatic melanoma therapy to completion of
clinical trials. As our discussions with the FDA regarding an
accelerated path continues, we wanted to make sure we are prepared to
move ahead with our development activities if a Phase 3 study is needed.
We intend to continue to work with the FDA and other authorities to
rapidly register our groundbreaking therapies, so that we can serve the
many patients who need them."
He continued, "Provectus also believes that it is well positioned to
execute on its growth strategy by developing its oncology and
dermatology therapies through clinical trials, strategic partnerships
and licensing agreements. We remain committed to further develop our
dermatology therapies with an industry partner, and expect to continue
to develop our other oncology indications."
Maxim Group LLC served as the Company's exclusive placement agent for
the transaction.
About Provectus Pharmaceuticals, Inc. (www.pvct.com)
Provectus Pharmaceuticals specializes in developing oncology and
dermatology therapies. Its lead oncology agent, PV-10, is designed to
selectively target and destroy cancer cells without harming surrounding
healthy tissue, significantly reducing systemic side effects. Its
oncology focus is on melanoma, breast cancer and metastatic liver
cancer. The Company has received orphan drug designation from the FDA
for its melanoma indication. Its lead dermatological drug, PH-10, also
targets abnormal or diseased cells, with the current focus on psoriasis
and atopic dermatitis. Provectus has recently completed enrollment in
three of its Phase 2 trials -- PV-10 as a therapy for metastatic
melanoma, and PH-10 as a topical treatment for atopic dermatitis and for
psoriasis. It has also recently initiated a Phase 1 trial for PV-10 for
liver cancer. Information about these and the Company's other clinical
trials can be found at the NIH registry, www.clinicaltrials.gov.
For additional information about Provectus please visit the Company's
website at www.pvct.com
or contact Porter, LeVay & Rose, Inc.
FORWARD-LOOKING STATEMENTS: The forward-looking statements contained
herein are subject to certain risks and uncertainties that could cause
actual results to differ materially from those reflected in the
forward-looking statements. Readers are cautioned not to place undue
reliance on these forward-looking statements, which reflect management's
analysis only as of the date hereof. The company undertakes no
obligation to publicly revise these forward-looking statements to
reflect events or circumstances that arise after the date thereof.
Provectus Pharmaceuticals, Inc.
Peter R. Culpepper, CFO,
866-594-5999 #30
or
Porter, LeVay & Rose, Inc.
Marlon
Nurse, VP - Investor Relations
Bill Gordon, SVP - Media Relations
212-564-4700
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