KNOXVILLE, Tenn., May 15 /PRNewswire-FirstCall/ -- Provectus Pharmaceuticals, Inc. , an innovative biopharmaceutical company engaged in the research and development of breakthrough technologies for metastatic melanoma, psoriasis, breast cancer and other serious diseases, announced today that significant operational and financial progress was made during the first quarter ended March 31, 2006. Financial results for the period can be found in the Form 10Q filed with the U.S. Securities and Exchange Commission (SEC) on May 12, 2006, which is accessible at the SEC website at http://www.sec.gov.
Significant milestones reached during and subsequent to the 2006 first quarter include:
* The Company completed the raising of $8.3 million in gross proceeds, most of which was raised in the fourth quarter of 2005, through an equity financing with qualified investor groups. * Subjects were treated in its initial Phase 1 clinical trial of PV-10 (also known as Provecta(TM)) for ablation of recurrent breast cancer. Treatment with PV-10 was well tolerated by all five subjects, with no evidence of systemic or serious local side effects. Several subjects exhibited evidence of efficacy, including tumor ablation or shrinkage. The results achieved the primary study endpoints of safety and preliminary efficacy assessment. * The Company received its third pharmaceutical patent covering use of the Company’s anti-cancer pharmaceutical agent Provecta in conjunction with ultrasound imaging, augmenting earlier patents for use of the agent for cancer treatment and CT and MRI imaging. * The Company received its fourth pharmaceutical patent covering the use of the Company’s anti-cancer pharmaceutical agent PV-10 for radiosensitization, augmenting coverage provided by the Company’s earlier patents for cancer treatment and diagnostic imaging using CT, MRI and ultrasound. * Provectus received its fifth medical device patent, which covers use of advanced laser technologies in the selective destruction of pigmented tissue, such as moles and pigmented skin cancers, including melanomas. Additional areas of applicability include selective destruction of hair follicles for hair reduction along with tattoo removal. * Company management continued conducting numerous investor luncheons throughout the U.S. and meeting individually with institutional and retail investors. Management’s efforts have been rewarded by achieving record levels of trading volume during the period.
Provectus CEO Craig Dees, Ph.D., said, “We continue to be very encouraged by both operational and clinical progress at the Company. The trials continue to produce expected and positive results and we look forward to sharing additional trial data to our expanding audience during the year.”
About Provectus Pharmaceuticals, Inc.
Provectus Pharmaceuticals, Inc. is an innovative biopharmaceutical company actively engaged in the design, development, and marketing of pharmaceutical technologies for the treatment of breast cancer, liver cancer, and metastatic melanoma. In addition, Provectus is preparing to begin Phase 2 clinical studies for the Company’s topical agent Xantryl(TM), a treatment for psoriasis.
The Company’s offices and laboratory are located at 7327 Oak Ridge Highway, Suite A, Knoxville, TN 37931; telephone: 865 769 4011. For more information, contact the Company at info@pvct.com or visit the corporate Web site: http://www.pvct.com.
This release and others statements issued or made from time to time by the company or its representatives contain comments that may constitute forward- looking statements. Those include statements regarding the intent, belief or current expectations of the company and members of its management teams, as well as the assumptions on which the statements are based. Prospective investors are cautioned that such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward- looking statements.
Provectus Pharmaceuticals, Inc.
CONTACT: Matt Clawson, investors, of Allen & Caron Inc, +1-949-474-4300,matt@allencaron.com; or Peter Culpepper of Provectus Pharmaceuticals Inc,+1- 865-769-4011, culpepper@pvct.com
Web site: http://www.pvct.com//
