Provectus Biopharmaceuticals, Inc. Announces Pricing of Public Offering to Raise $6 Million
August 25 2016 - 9:25AM
Business Wire
Provectus Biopharmaceuticals, Inc. (NYSE MKT: PVCT,
www.provectusbio.com) (“Provectus” or the “Company”), a
clinical-stage oncology and dermatology biopharmaceutical company,
today announced the pricing of a "best efforts" public offering of
240,000 shares of Series B Convertible Preferred Stock (which are
initially convertible into an aggregate of 24,000,000 shares of
common stock) and warrants initially exercisable to purchase an
aggregate of 24,000,000 shares of common stock with a public
offering price of $25.00 for a combination of one share of Series B
Convertible Preferred Stock and a warrant to purchase one share of
common stock. The warrants have an exercise price of $0.275 per
share, are exercisable immediately, and will expire on August 30,
2021. The Company expects to receive gross proceeds of
approximately $6 million, before deducting placement agent fees and
commissions and other estimated offering expenses.
The offering is expected to close on or about August 30, 2016,
subject to customary closing conditions.
Maxim Group LLC is acting as placement agent for the
offering.
Provectus intends to use the net proceeds of the offering for
clinical development, working capital and general corporate
purposes.
The securities are being offered under the Company's effective
shelf registration statement on Form S-3 (No. 333-205704),
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. is investigating new
therapies for the treatment of skin cancer, liver cancer and breast
cancer. Provectus’ investigational oncology drug, PV-10, is an
ablative immunotherapy under investigation in solid tumor cancers.
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.provectusbio.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, 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/20160825005656/en/
Provectus Biopharmaceuticals, Inc.Peter R. Culpepper, Interim
CEO, COO866-594-5999 #30orPorter, LeVay & Rose, Inc.Marlon
Nurse, DM, SVP – Investor Relations212-564-4700orAllison +
PartnersTodd Aydelotte, Managing Director – Media
Relations646-428-0644
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