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Sunday, October 25, 2020

Provectus Biopharmaceuticals Inc (OTCMKTS:PVCT) Drops to the OTC

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Provectus Biopharmaceuticals Inc (OTCMKTS:PVCT) has been getting pummeled in recent action following a major announcement on Thursday of last week: The Company received a notice dated October 13, 2016, from the NYSE indicating that it has determined to suspend trading of the Company’s common stock trading under the symbol “PVCT” and its class of warrants trading under the symbol “PVCTWS” immediately and to commence proceedings to delist the Company’s common stock and warrants from NYSE MKT LLC.

NYSE Regulation notified the Company that it is no longer suitable for listing pursuant to Section 1003(f)(v) of the NYSE MKT Company Guide, due to the “abnormally low” trading price of its common stock. Provectus has a right to a review of this determination by a NYSE MKT Listing Qualifications Panel. The NYSE MKT will apply to the Securities and Exchange Commission to delist the Company’s common stock and warrants upon completion of all applicable procedures, including any appeal by Provectus of the NYSE Regulation staff’s decision.

Provectus Biopharmaceuticals Inc (OTCMKTS:PVCT) promulgates itself as a biopharmaceutical company, engages in developing ethical pharmaceuticals for oncology and dermatology indications.

Its prescription drug candidates include PV-10, which is in Phase III study for cutaneous melanoma; completed Phase II study for metastatic melanoma; completed Phase I study for liver and breast cancers; and phase 1b/2 study for pembrolizumab. The company is also developing PH-10 that has completed Phase II randomized study for the treatment of psoriasis and atopic dermatitis. In addition, it develops PH-10 for the treatment of actinic keratosis and severe acne vulgaris.

Further, the company is developing over-the-counter pharmaceuticals, including GloveAid, a hand cream with antiperspirant and antibacterial properties; Pure-ific line of products to prevent the spread of germs on skin; and Pure-Stick and Pure N Clear acne products.

Additionally, it develops medical device technologies for markets comprising cosmetic treatments, such as reduction of wrinkles and elimination of spider veins, and other cosmetic blemishes; and therapeutic uses, including photoactivation of PH-10, other prescription drugs, and non-surgical destruction of various skin cancers.

Provectus Biopharmaceuticals 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.

The company was formerly known as Provectus Pharmaceuticals, Inc. and changed its name to Provectus Biopharmaceuticals, Inc. in December 2013. Provectus Biopharmaceuticals, Inc. was founded in 2002 and is based in Knoxville, Tennessee.

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Traders will note the steep drop of worse than -50% sliced out of share pricing for PVCT stock over the past week. The situation may be worth watching. PVCT stock has a past littered with sudden rips. When the stock starts ticking this week, we expect a load of short interest to be covered immediately, which may introduce a bouncing market if there aren’t remaining major bag holders sitting on the offer out of the gates.

The company recently announced that the poster presented at the European Society of Medical Oncology 2016 Congress is now available online. Dr. Agarwala’s presentation reviewed the current studies underway for melanoma utilizing PV-10: the phase 3 clinical trial of intralesional PV-10 as a single agent therapy for locally advanced cutaneous melanoma; and the phase 1b/2, study of intralesional PV-10 in combination with immune checkpoint inhibition .

Study PV-10-MM-31 is an international multicenter, open-label, randomized controlled trial of single-agent intralesional PV-10 versus systemic chemotherapy or intralesional oncolytic viral therapy to assess treatment of locally advanced cutaneous melanoma. A total of 225 patients with Stage IIIB to IV-M1a melanoma will be randomized in a 2:1 ratio against the comparator therapy for assessment of progression-free survival.

Dr. Eric Wachter, Ph.D., Chief Technology Officer of Provectus, noted, “The annual ESMO congress has grown to be one of the largest and most important oncology meetings of the year, and we were privileged with selection for participation in the technical program. Participation in this international forum allowed us to meet face-to-face with current and prospective investigators from around the globe, thereby providing an efficient way to exchange information about our development plans, the potential impact of ongoing changes in the oncology landscape, and ways to address these impacts through refinement of protocol designs.”

Earning a current market cap value of $9M, PVCT has a significant war chest ($4.89M) of cash on the books, in a pool of total assets a bit less than $11M, which compares with a relatively manageable amount of total accumulated debt around $1.7 mln. This balance sheet situation should be considered in the big picture here. The company just completed an offering and has gotten the bad news out of the way. It might be extremely interesting for a bounce strategy here once it opens for trading this week on the OTC. For continuing coverage on $PVCT and our other hot stock picks, sign up for our Free newsletter today and get our next hot stock pick!

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