Provectus Biopharmaceuticals Inc (OTCMKTS:PVCT) is a low-priced biotech with plans to enter the oncology space. PVCT stock has been repairing its chart of late, and has really grabbed hold of the attention of traders during the recent bounce. The company moved the needle a bit further late last week by announcing that it has appointed Bruce Horowitz and Dominic Rodrigues as special advisers to the Company’s Board of Directors. According to the release, Mr. Horowitz and Mr. Rodrigues will advise the board on financial and corporate strategy.
PVCT stock has been ripping. Traders will note a bit more than 140% tacked on to share pricing for the company in the past month, but this action is running counter to the larger trend in the name. Market participants may want to pay attention to this stock. PVCT is a stock who’s past is littered with sudden rips. In addition, the company has registered increased average transaction volume recently, with the past month seeing 80% over the long run average. Since we last covered the name, Provectus stock has moved 98%.
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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Alfred E. Smith IV, Chairman of the Board of Provectus, said, “The appointments of Bruce Horowitz and Dominic Rodrigues as special advisers to the Company’s Board of Directors will aid the board in creating a financial and corporate environment conducive to carrying out our development of PV-10, our investigational oncology drug, and PH-10, our investigational dermatology drug. Both men have longstanding, independent relationships with Provectus and a deep understanding of the Company’s work. I am very pleased that Provectus will be able to count on their expertise as we focus on principles of transparency and integrity in all matters, and effective stewardship of Company resources.”
In an interesting side note, the company’s CTO and co-founder, Eric Wachter, has apparently made an 8-k commitment of “up to” $2.5M for working capital. Note, that this could end up being $1 or $14.93. It doesn’t have to be $2.5M. That said, it’s still an important gesture.
We would also note that the company just provided additional information regarding the deadline to participate in its previously announced rights offering of up to 19 million units, consisting of shares of common stock and Series C Convertible Preferred Stock to existing stockholders and holders of listed warrants.
Currently trading at a market capitalization of $12M, Provectus has a significant war chest ($5.2M) of cash on the books, which is balanced by virtually no total current liabilities. The company is pre-revenue at this point. We will update the story again soon as further details emerge. For continuing coverage on shares of PVCT stock, as well as our other hot stock picks, sign up for our free newsletter today and get our next hot stock pick!