KNOXVILLE, Tenn., March 30 /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 in the year ended December 31, 2005. Financial results for 2005 can be found in the Form 10KSB filed with the U.S. Securities and Exchange Commission (SEC) on March 30, 2006, which is accessible at the SEC website at http://www.sec.gov .
Significant milestones reached during 2005 include:
* Provecta(TM), a formulation of PV-10, advanced from pre-clinical studies to two clinical trials in humans with metastatic melanoma and breast cancer.
-- The first group of subjects completed treatment in the Company’s Phase 1 clinical trial of Provecta for the treatment of melanoma. The treatment was well tolerated at the initial dose level. The study is being conducted at two dosage levels with both dosage levels having the potential for showing safety, preliminary efficacy, and the “bystander effect” in untreated lesions.
-- The first patients completed treatment with Provecta in the Company’s breast cancer clinical trial in New Zealand. The Company anticipates that the treatment of all patients in the initial phase of this clinical trial will be completed as projected by mid-2006.
-- To date, no subject has suffered any severe systemic or local adverse side effects from Provecta. Effects at the treatment site have been comparable to those observed in pre-clinical animal models, characterized by dramatic, rapid tumor destruction with no significant effects in the surrounding normal tissue.
* In the fourth quarter, the Company announced that it raised $8.3 million in gross proceeds through an equity financing with qualified investor groups. The capital raised in this financing provides the Company with the funding necessary to complete Phase 1 metastatic melanoma and breast cancer trials, and to complete planned Phase 2 trials for treatment of metastatic melanoma, breast cancer and psoriasis. It will also provide funding to complete the planned Phase 1 trial for treatment of liver cancer.
* The Company made significant progress in reducing debt by converting nearly $2.7 million to equity during 2005. Additionally, another $750,000 of debt has been converted to equity to date in 2006, which is indicated in the subsequent events footnote of the 2005 financial statements.
Provectus CEO Craig Dees, Ph.D., said, “The progress made in 2005 eclipsed that in any other period in Company history. Advances on the clinical front, including the launch of human clinical trials of PV-10 for treating melanoma and breast cancer, have laid the foundation for hard clinical evidence of its effectiveness to be published in 2006. In addition, the financial resources and capital structure of the Company are now sound and will support our efforts through our ongoing trials.”
Dees continued, “We are all looking forward to sharing clinical results from both ongoing trials in the coming months and we expect that those data will mark a turning point for Provectus as we move to the next level as we attempt to make important progress in battling cancer and work to reward the trust and loyalty of our shareholder base.”
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: Investors, Matt Clawson of Allen & Caron Inc., +1-949-474-4300,or matt@allencaron.com, for Provectus Pharmaceuticals, Inc.; or PeterCulpepper of Provectus, +1-865-769-4011, or culpepper@pvct.com
Web site: http://www.pvct.com/