UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant
to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 7, 2015
PROVECTUS BIOPHARMACEUTICALS, INC.
(Exact name of registrant as specified in charter)
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Delaware |
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001-36457 |
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90-0031917 |
(State or other jurisdiction
of incorporation) |
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(Commission
File Number) |
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(IRS Employer
Identification No.) |
7327 Oak Ridge Hwy., Knoxville, Tennessee 37931
(Address of Principal Executive Offices)
(866) 594-5999
(Registrants Telephone Number, Including Area Code)
(Former Name or Former Address, If Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02. |
Results of Operations and Financial Condition. |
On May 7, 2015, Provectus
Biopharmaceuticals, Inc. (the Company) issued a press release (the Press Release) reporting its results of operations and financial condition for the quarter ended March 31, 2015. A copy of the Press Release is attached
hereto as Exhibit 99.1 and incorporated into this Item 2.02 by reference.
Pursuant to the rules and regulations of the Securities
and Exchange Commission, the information in this Item 2.02 disclosure, including Exhibit 99.1 and information set forth therein, is deemed to have been furnished and shall not be deemed to be filed under the Securities Exchange Act
of 1934.
Item 9.01. |
Financial Statements and Exhibits. |
(d) Exhibits.
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Exhibit Number |
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Description |
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99.1 |
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Press Release, dated May 7, 2015 |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
Date: May 7, 2015
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PROVECTUS BIOPHARMACEUTICALS, INC. |
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By: |
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/s/ Peter R. Culpepper |
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Peter R. Culpepper |
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Chief Financial Officer and Chief Operating Officer |
EXHIBIT INDEX
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Exhibit Number |
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Description |
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99.1 |
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Press Release, dated May 7, 2015 |
Exhibit 99.1
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Contact: Provectus Biopharmaceuticals, Inc.
Peter R. Culpepper, CFO, COO Phone: 866-594-5999 #30 |
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Porter, LeVay & Rose, Inc. Marlon Nurse,
DM, SVP Investor Relations Phone: 212-564-4700 Bill
Gordon Media Relations Phone: 212-724-6312 |
FOR IMMEDIATE RELEASE
PROVECTUS BIOPHARMACEUTICALS REPORTS FIRST QUARTER FINANCIAL RESULTS
KNOXVILLE, TN, May 7, 2015 -- Provectus Biopharmaceuticals, Inc. (NYSE MKT: PVCT, http://www.pvct.com), a clinical-stage oncology and dermatology
biopharmaceutical company (Provectus or the Company), today announced its results of operations and financial condition for the first quarter ended March 31, 2015.
Provectus will also hold its 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: www.pvct.com (http://pvct.com/).
A digital replay will be available by telephone approximately two hours after the completion of the call until June 30, 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# 13608336.
First Quarter Results and Balance Sheet
Highlights
The Companys cash and cash equivalents were $14,170,733 at March 31, 2015, compared with $17,391,601 at December 31, 2014. The
decrease of approximately $3.2 million was due primarily to the $4.2 million in cash used to fund operating activities for the quarter offset by $1 million in cash received from warrant and stock option exercises and reduced net proceeds from the
sale of our common stock in the quarter ended March 31, 2015. The sale of common stock was reduced since we are seeking to minimize dilution to our existing stockholders where practicable by limiting the issuance of our equity securities.
Therefore, our ability to continue as a going concern is reasonably assured due to our cash and cash equivalents on hand at March 31, 2015. 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.
Stockholders equity at March 31, 2015 was $ 21,696,349. This compares to stockholders equity at
December 31, 2014 of $ 25,189,876.
For additional information regarding Provectuss results of operations and financial condition for the first
quarter ended March 31, 2015, please see Provectuss Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 7, 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 Companys other clinical trials, including its current phase 3 study in melanoma, can be found at the NIH registry, www.clinicaltrials.gov. For additional information about Provectus, please visit
the Companys 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 managements current knowledge, assumptions, beliefs, estimates, and expectations and express managements 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:
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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); |
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our determination whether to license PV-10, our melanoma drug product candidate, and other solid tumors such as cancers of the liver, 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 cancers of the liver; |
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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 |
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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. |
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