Attached files
| file | filename |
|---|---|
| 8-K - PROVECTUS BIOPHARMACEUTICALS, INC. | v208017_8k.htm |
| EX-4.2 - PROVECTUS BIOPHARMACEUTICALS, INC. | v208017_ex4-2.htm |
| EX-4.3 - PROVECTUS BIOPHARMACEUTICALS, INC. | v208017_ex4-3.htm |
| EX-4.1 - PROVECTUS BIOPHARMACEUTICALS, INC. | v208017_ex4-1.htm |
| EX-10.1 - PROVECTUS BIOPHARMACEUTICALS, INC. | v208017_ex10-1.htm |
PROVECTUS
PHARMACEUTICALS, INC. ANNOUNCES REGISTERED DIRECT OFFERING OF COMMON STOCK AND
WARRANTS IN AGGREGATE AMOUNT OF $5.1 MILLION
Knoxville, TN, January 13, 2011 – Provectus
Pharmaceuticals, Inc. (OTCBB: PVCT), a development-stage oncology and
dermatology biopharmaceutical company, announced today that it entered into a
securities purchase agreement with investors pursuant to which the Company
agreed to sell in a registered direct public offering (the “Offering”) an
aggregate of 5,454,550 shares of its common stock and warrants to purchase
a total of 7,527,279 shares of its common stock to such investors for
aggregate gross proceeds, before deducting estimated offering expenses payable
by the Company, of approximately $5.1 million.
The
warrants will consist of the following: Series A Warrants to purchase up to 40%
of the shares of common stock to be purchased at the closing, Series B Warrants
to purchase up to 70% of the shares of common stock to be purchased at the
closing, and Series C Warrants to purchase up to 28% of the common stock to be
purchased at the closing. The Series A Warrants and the Series C Warrants have
an exercise price of $1.12 per share, subject to adjustment, and expire five
years after their issuance. The Series B Warrants have an exercise price of
$0.935 per share, subject to adjustment, and expire 150 days after their
issuance. The Series C Warrants are only exercisable to the extent that the
Series B Warrants are exercised and only in the same percentage that the Series
B Warrants are exercised.
These
securities are being offered through a prospectus supplement pursuant to the
Company’s effective shelf registration statement and base prospectus contained
therein. The completion of the offering will occur on or before January 19,
2011.
A more
detailed description of the securities purchase agreement and each of the
warrants is set forth in the Company’s Current Report on Form 8-K filed with the
SEC on January 13, 2011, which the Company encourages readers to review
carefully.
A shelf
registration statement relating to these securities has been filed with and
declared effective by the Securities and Exchange Commission. A
prospectus supplement related to the offering will be filed with the Securities
and Exchange Commission. This press release does not constitute an
offer to sell or the solicitation of an offer to buy, and these securities
cannot be sold in any state in which this offer, solicitation, or sale would be
unlawful prior to registration or qualification under the securities laws of any
such state. Any offer will be made only by means of a prospectus,
including a prospectus supplement, forming a part of the effective registration
statement.
About
Provectus Pharmaceuticals, Inc. (www.pvct.com)
Provectus
Pharmaceuticals specializes in developing oncology and dermatology therapies.
Its novel oncology drug PV-10 is designed to selectively target and destroy
cancer cells without harming surrounding healthy tissue, significantly reducing
systemic side effects. Its oncology focus is on melanoma, breast cancer and
metastatic cancers of the liver. The Company has received orphan drug
designation from the FDA for its melanoma indication. Its dermatological drug
PH-10 also targets abnormal or diseased cells, with the current focus on
psoriasis and atopic dermatitis. Provectus has recently completed its 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:
The
forward-looking statements contained herein are subject to certain risks and
uncertainties that could cause actual results to differ materially from those
reflected in the forward-looking statements. Readers are cautioned not to place
undue reliance on these forward-looking statements, which reflect management's
analysis only as of the date hereof. The company undertakes no obligation to
publicly revise these forward-looking statements to reflect events or
circumstances that arise after the date thereof.