KNOXVILLE, Tenn., Jan. 5 /PRNewswire-FirstCall/ -- Provectus Pharmaceuticals, Inc. , an innovative bio- pharmaceutical company engaged in the research and development of breakthrough technologies for treatment of metastatic melanoma, breast cancer, psoriasis, and other serious diseases, announced today that it has raised $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. Network 1 Financial Securities, Inc. and Chicago Investment Group acted as principal placement agents for the transaction.
Provectus CEO Dr. Craig Dees commented, “The capital raised in this financing provides us with the funding necessary to complete our current Phase 1 metastatic melanoma and breast cancer trials, and to complete planned Phase 2 trials for treatment of metastatic melanoma, breast cancer and psoriasis. We will also be able to complete the planned Phase 1 trial for treatment of liver cancer. We expect to see results from these trials released throughout this year.
“We have demonstrated the ability to run our company and clinical trials effectively while maintaining a low cash burn rate, and we believe this financing will enable us to fund operations through 2007 without the need for any additional funds,” continued Dees.
Provectus CFO Pete Culpepper added, “The Company’s significant cash position enables us to achieve measurable objectives without the need for additional financing. The success of our recent financing effort is a testament to the confidence Wall Street has placed in the management team’s ability to execute our business plan.”
About Provectus Pharmaceuticals, Inc.
Provectus Pharmaceuticals, Inc. is a pioneering pharmaceutical company actively engaged in the design, development, and marketing of pharmaceutical technologies for the treatment of metastatic melanoma, breast cancer and liver cancer. 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: Peter Culpepper, Provectus Pharmaceuticals, Inc.,+1-865-769-4011, or culpepper@pvct.com; or investors, Matt Clawson, Allen &Caron, Inc., +1-949-474-4300, or matt@allencaron.com, for Provectus
Web site: http://www.pvct.com/
