Provectus Biopharmaceuticals, Inc. (NYSE MKT:PVCT)
(http://www.pvct.com), a development-stage oncology and dermatology
biopharmaceutical company (“Provectus”), today announced its
results of operations and financial condition for the fourth
quarter and year ended December 31, 2014.
Provectus will also hold its year-end quarterly business update
conference call at 4 p.m. (EDT) today to provide a business update
on PV-10 and PH-10 to the investment community and answer questions
from investors.
Those who wish to participate in the conference call may
telephone 877-407-4019 from the U.S. International callers may
telephone 201-689-8337, approximately 15 minutes before the call. A
webcast will also be available at Provectus’s website,
www.pvct.com. A digital replay will be available by telephone
approximately two hours after the completion of the call until
March 31, 2015, and may be accessed by dialing 877-660-6853 from
the U.S. or 201-612-7415 for international callers, and using the
Conference ID# 13601930.
Fourth Quarter and Year End Results and Balance Sheet
Highlights
At December 31, 2014, cash and cash equivalents were $17,391,601
compared to $15,696,243 at December 31, 2013. The increase of
approximately $1.7 million was due primarily to an increase of
sales of common stock and warrants as well as exercises of warrants
and stock options, partially offset by approximately $4 million
more cash that was used in operating activities.
Therefore, our ability to continue as a going concern is
reasonably assured due to our cash and cash equivalents on hand at
December 31, 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,
license PH-10 for psoriasis and other related indications described
as inflammatory dermatoses, and also complete the spin-out of
Pure-ific Corporation and the other non-core subsidiaries.
Shareholders’ equity at December 31, 2014 was $26,184,158. This
compares to shareholders’ equity at December 31, 2013 of
$20,008,184.
For additional information regarding Provectus’s results of
operations and financial condition for the fourth quarter and year
ended December 31, 2014, please see Provectus’s Annual Report on
Form 10-K filed with the Securities and Exchange Commission on
March 12, 2015.
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, 2014) and the following:
• our determination, based on guidance from the FDA, whether
to proceed with or without a partner with the fully enrolled phase
3 trial of PV-10 to treat locally advanced cutaneous melanoma and
the costs associated with such a trial if it is necessary to
complete (versus interim data alone); • 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,
COO866-594-5999 #30orPorter, LeVay & Rose, Inc.Marlon Nurse,
DM, SVP – Investor Relations212-564-4700orBill Gordon – Media
Relations212-724-6312
Provectus Biopharmaceuti... (QB) (USOTC:PVCT)
Historical Stock Chart
From Mar 2024 to Apr 2024
Provectus Biopharmaceuti... (QB) (USOTC:PVCT)
Historical Stock Chart
From Apr 2023 to Apr 2024