Provectus Pharmaceuticals, Inc., a developer of oncology and dermatology treatments, today announced gross proceeds of approximately $7.5M from a private placement. With intentions to apply the capital generated by this private placement to working capital concerns, PVCT CFO and COO Peter Culpepper noted that the closing of this offer has tremendously strengthened the Company’s operational activities and widely expanded PVCT’s base of shareholders “to include new and individual investors”.
Culpepper went on to say that sufficient capital had been raised to fully finance ongoing clinical trials, and that no additional money would be required to complete testing on the Company’s new metastatic melanoma therapy.
Culpepper spoke briefly of PVCT’s ongoing fast-tracking discussions with the FDA, made in an effort to speed up the approval process if a Phase 3 study is needed, and promised that the Company would continue to work hand-in-hand with FDA to rapidly register the Company’s “groundbreaking therapies, so that we can serve the many patients who need them”.
The Company is well known for its lead oncology agent PV-10, which has the capacity to narrowly focus its attack on cancerous cells while ignoring surrounding healthy cells, and for its leading dermatological preparation PH-10 which also has the same highly-localized function.
With recent completion of enrollment in Phase 2 trials of PV-10 for metastatic melanoma and PH-10 for dermatitis and psoriasis, PVCT looks forward to a productive 2010 and has recently initiated a Phase 1 trial of PV-10 for liver cancer.
Culpepper also pointed out that PVCT is well-positioned for execution of its growth strategy which involves developing oncological and dermatological treatments via clinical trialing, creating strategic partnerships, and continuing to seek out lucrative licensing agreements.
Culpepper wrapped up his statements by noting the Company has every intention of pursuing developments with industry partners, and that PVCT was hard at work looking to develop new and exciting therapies which will translate into returns for the Company’s investors.