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.
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