Provectus Biopharmaceuticals, Inc. Reports Fourth Quarter and Year End 2015 Financial Results
March 30 2016 - 4:01PM
Business Wire
Provectus Biopharmaceuticals, Inc. (NYSE MKT:PVCT,
www.pvct.com), a clinical-stage oncology and dermatology
biopharmaceutical company ("Provectus" or “The Company”), today
announced its financial results for the fourth quarter and year
ended December 31, 2015.
Provectus is holding its previously announced conference call at
4 p.m. (EDT) today to discuss the Company's 2015 financial results
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 fifteen minutes before the
call. A webcast will also be available at www.pvct.com. A digital
replay will be available by telephone approximately two hours after
the completion of the call until June 30, 2016 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 #13633721.
Fourth Quarter and Year End Results and Balance Sheet
Highlights
At December 31, 2015, cash and cash equivalents were $14,178,902
compared to $17,391,601 at December 31, 2014. The decrease of
approximately $3.2 million was due primarily to operating
activities.
Our ability to continue as a going concern is reasonably assured
due to our financing completed during 2015 and thus far in 2016
from our Warrant Exchange Transaction. Given our current rate of
expenditures and our ability to curtail or defer certain
controllable expenditures, we do not anticipate the need to raise
additional capital to further develop PV-10 on our own to treat
melanoma, HCC and cancers of the liver, recurrent breast carcinoma,
and other indications. Moreover, we plan to license PH-10 for
psoriasis and other related indications described as inflammatory
dermatoses, and strategically monetize PV-10, although there can be
no assurance that any such transactions will occur. Additionally,
our existing funds are sufficient to meet minimal necessary
expenses until 2017.
Shareholders' equity at December 31, 2015 was $16,316,941. This
compares to shareholders' equity at December 31, 2014 of
$25,189,876.
For additional information regarding Provectus's results of
operations and financial condition for the fourth quarter and year
ended December 31, 2015, please see Provectus's Annual Report on
Form 10-K filed with the Securities and Exchange Commission on
March 30, 2016.
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, 2015) 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 investigational drug product for melanoma 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 PH-10, our
investigational drug product for dermatology, 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/20160330006048/en/
Provectus Biopharmaceuticals, Inc.Peter R. Culpepper,
866-594-5999 #30Interim CEO, CFO, COOorInvestor RelationsPorter,
LeVay & Rose, Inc.Marlon Nurse, 212-564-4700DM, SVPorMedia
RelationsAllison + PartnersTodd Aydelotte, 646-428-0644Managing
Director
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