Provectus Biopharmaceuticals, Inc. Announces Pricing of Public Offering to Raise $13.1 Million
June 19 2015 - 9:00AM
Business Wire
Provectus Biopharmaceuticals, Inc. (NYSE MKT: PVCT) (“Provectus”
or the “Company”), a clinical-stage oncology and dermatology
biopharmaceutical company, today announced the pricing of an
underwritten public offering of 17,500,000 shares of common stock
and warrants to purchase 17,500,000 shares of common stock with a
public offering price of $0.75 for a fixed combination of one share
of common stock and a warrant to purchase one share of common
stock. The warrants have an exercise price of $0.85 per share, are
exercisable immediately, and will expire five years from the date
of issuance. The Company expects to receive gross proceeds of
approximately $13.1 million, before deducting underwriting
discounts and commissions and other estimated offering expenses.
The Company has also granted the underwriters a 45-day option to
purchase up to an additional 2,625,000 shares of common stock
and/or warrants to purchase up to an additional 2,625,000 shares of
common stock to cover over-allotments, if any.
The offering is expected to close on or about June 24, 2015,
subject to customary closing conditions.
Maxim Group LLC is acting as sole book-running manager for the
offering.
Provectus intends to use the net proceeds of the offering for
clinical development, working capital and general corporate
purposes.
The shares and warrants are being offered under the Company's
effective shelf registration statement on Form S-3 (No.
333-182476), including a base prospectus, previously filed with and
declared effective by the Securities and Exchange Commission (SEC).
The securities are being offered by means of a prospectus
supplement and accompanying prospectus, forming a part of the
effective registration statement. A prospectus supplement related
to the offering will be filed with the SEC and will be available,
on the website of the SEC at http://www.sec.gov. Electronic copies
of the preliminary prospectus supplement also may be obtained from
Maxim Group LLC, 405 Lexington Avenue, 2nd Floor, New York, NY
10174, at 212-895-3500. Before you invest, you should read the
preliminary prospectus supplement and the accompanying prospectus
in that registration statement and other documents Provectus has
filed or will file with the SEC for more complete information about
Provectus and the offering.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such
jurisdiction.
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, 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 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, including but not limited to the expected use of
the net proceeds from the offering. 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 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;
- 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20150619005444/en/
Provectus Biopharmaceuticals, Inc.Peter R. Culpepper, CFO,
COO866-594-5999 #30orPorter, LeVay & Rose, Inc.Marlon Nurse,
DM, SVP – Investor Relations212-564-4700orTodd Aydelotte – Media
Relations646-428-0644
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