Provectus Biopharmaceuticals Reports First Quarter Financial Results
07 May 2015 - 8:05PM
Business Wire
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 Company’s 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 Provectus's results of
operations and financial condition for the first quarter ended
March 31, 2015, please see Provectus's 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 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. 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.
Provectus Biopharmaceuticals, Inc.Peter R. Culpepper, CFO, COO,
866-594-5999 #30orPorter, LeVay & Rose, Inc.Marlon Nurse, DM,
SVP, 212-564-4700Investor RelationsorBill Gordon, 212-724-6312Media
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