Provectus Biopharmaceuticals, Inc. (NYSE MKT:PVCT)
(http://www.pvct.com), a development-stage oncology and dermatology
biopharmaceutical company (“Provectus”), today announced financial
results for the third quarter of 2014.
Third Quarter Results and Balance Sheet Highlights
At September 30, 2014, cash and cash equivalents were
$17,773,680 compared to $15,696,243 at December 31, 2013. The
increase of approximately $2.1 million was due primarily to $4.3
million cash received from warrant and stock option exercises and
$7.5 million net proceeds from the sale of our common stock in the
nine months ended September 30, 2014, offset by $9.7 million of
operating cash expenses.
Therefore, our ability to continue as a going concern is
reasonably assured due to our cash and cash equivalents on hand at
September 30, 2014. Given our current rate of expenditures and our
ability to curtail or defer certain controllable expenditures, we
do not anticipate needing to raise additional capital to further
develop PV-10 on our own to treat locally advanced cutaneous
melanoma, cancers of the liver, recurrent breast cancer, pancreatic
cancer and other indications because we plan to strategically
monetize PV-10 through appropriate regional license transactions,
co-development partnerships, and license PH-10 for psoriasis and
other related indications described as inflammatory dermatoses.
Shareholders’ equity at September 30, 2014 was $19,539,425. This
compares to shareholders’ equity at December 31, 2013 of
$6,628,666.
PROVECTUS
BIOPHARMACEUTICALS, INC. CONDENSED CONSOLIDATED BALANCE
SHEETS
September 30,2014(Unaudited)
December 31, 2013(Audited) Assets Current Assets Cash
and cash equivalents $ 17,773,680 $ 15,696,243 Total Current Assets
17,773,680 15,696,243
Equipment and furnishings, less
accumulated depreciation of $434,479
and $429,331, respectively
95,555 30,113 Patents, net of amortization of $7,963,957 and
$7,460,617, respectively 3,751,488 4,254,828 Other assets 27,000
27,000 $ 21,647,723 $ 20,008,184 Liabilities and
Stockholders’ Equity Current Liabilities Accounts payable — trade $
478,200 $ 348,869 Accrued consulting expense 91,282 61,282 Other
accrued expenses 311,579 102,795 Total Current Liabilities 881,061
512,946 Warrant liability 1,227,237 12,866,572 Total Liabilities
2,108,298 13,379,518 Stockholders’ Equity
Preferred stock; par value $.001 per
share; 25,000,000 shares
authorized; Series A 8% convertible
preferred stock, 0 and
33,334 shares issued and outstanding,
respectively, liquidation
preference $0.75 (for 2013 in aggregate
$25,001)
— 33 Common stock; par value $.001 per share; 300,000,000
authorized; 180,299,739 and 159,751,724 shares issued and
outstanding, respectively 180,300 159,752 Paid-in capital
176,469,175 152,519,701 Accumulated deficit (157,110,050 )
(146,050,820 ) Total Stockholders’ Equity 19,539,425
6,628,666 $ 21,647,723 $ 20,008,184
About Provectus Biopharmaceuticals, Inc.
Provectus Biopharmaceuticals, Inc., specializes in developing
oncology and dermatology therapies. PV-10, its novel
investigational drug for cancer, is designed for injection into
solid tumors (intralesional administration), thereby reducing
potential for systemic side effects. Its oncology focus is on
melanoma, breast cancer and cancers of the liver. The Company has
received orphan drug designations from the FDA for its melanoma and
hepatocellular carcinoma indications. PH-10, its topical
investigational drug for dermatology, is undergoing clinical
testing for psoriasis and atopic dermatitis. Provectus has
completed phase 2 trials of PV-10 as a therapy for metastatic
melanoma, and of PH-10 as a topical treatment for atopic dermatitis
and psoriasis. 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: This release contains
“forward-looking statements” as defined under U.S. federal
securities laws. These statements reflect management’s current
knowledge, assumptions, beliefs, estimates, and expectations and
express management’s current views of future performance, results,
and trends and may be identified by their use of terms such as
“anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,”
“may,” “plan,” “predict,” “project,” “will,” and other similar
terms. Forward-looking statements are subject to a number of risks
and uncertainties that could cause our actual results to materially
differ from those described in the forward-looking statements.
Readers should not place undue reliance on forward-looking
statements. Such statements are made as of the date hereof, and we
undertake no obligation to update such statements after this
date.
Risks and uncertainties that could cause our actual results to
materially differ from those described in forward-looking
statements include those discussed in our filings with the
Securities and Exchange Commission (including those described in
Item 1A of our Annual Report on Form 10-K for the year ended
December 31, 2013, and in our Quarterly Reports on Form 10-Q for
the quarters ended March 31, 2014, June 30, 2014, and September 30,
2014), and the following:
• our determination, based on guidance from the FDA, whether
to proceed with or without a partner with a phase 3 trial of PV-10
to treat locally advanced cutaneous melanoma and the costs
associated with such a trial if it is necessary; • our
determination whether to license PV-10, our melanoma drug product
candidate, and other solid tumors such as liver cancer, if such
licensure is appropriate considering the timing and structure of
such a license, or to commercialize PV-10 on our own to treat
melanoma and other solid tumors such as liver cancer; • our ability
to license our dermatology drug product candidate, PH-10, on the
basis of our phase 2 atopic dermatitis and psoriasis results, which
are in the process of being further developed in conjunction with
mechanism of action studies; and • our ability to raise additional
capital if we determine to commercialize PV-10 and/or PH-10 on our
own, although our expectation is to be acquired by a prospective
pharmaceutical or biotech concern prior to commercialization.
Provectus Biopharmaceuticals, Inc.Peter R. Culpepper, CFO, COO,
866-594-5999 #30orPorter, LeVay & Rose, Inc.Investor
RelationsMarlon Nurse, DM, SVP, 212-564-4700orMedia RelationsBill
Gordon, 212-724-6312
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