Provectus Biopharmaceuticals Closes Definitive Financing With PRH Group
By a News Reporter-Staff News Editor at Drug Week — – HYPERLINK “http://www.provectusbio.com/” nProvectus Biopharmaceuticals, Inc. (OTCQB: PVCT) (“Provectus” or the “Company”), a clinical-stage oncology and dermatology biopharmaceutical company, announced the entry into definitive agreements related to the previously announced Definitive Financing Commitment Term Sheet (the “Definitive Financing”) it entered into on March 19 with a group of the Company’s stockholders referred in the Definitive Financing as the “PRH Group.”
Bruce Horowitz and Dominic Rodrigues were appointed as new Board members, and Mr. Rodrigues was elected as new Board Chairman. Eric Wachter, Ph.D. and Jan Koe will remain as Board members. The Board decreased the number of directors from five to four and will operate with four directors until such time as the third PRH Group-nominated director is appointed in accordance with the Definitive Financing. Three former members of Provectus’ board of directors, Kelly McMasters, M.D., Tim Scott, Ph.D., and Alfred E. Smith IV, resigned upon the PRH Group’s funding into escrow of its first financing tranche of $2.5 million and upon the draw-down by Provectus of the remainder of the $2.5 million investment commitment from Dr. Wachter, co-founder and Chief Technology Officer (see also Provectus Biopharmaceuticals, Inc.).
Provectus also has adopted the basic tenets of the PRH Group’s fundamental strategy for the Company: change the direction and control of the board of directors, complete a tranche-based capital formation program, and fortify the management team to support the clinical development program as well as business and corporate development opportunities.
Dominic Rodrigues said, “Our new board of directors thanks the Company’s former board members for their time, effort, and service. They worked collaboratively with the new directors and others to execute the new business plan of Provectus, focusing on the goals of maximizing shareholder value, maintaining the continuity of the Company’s mission, and strengthening the management team.”
Keywords for this news article include: Drugs and Therapies, Provectus Biopharmaceuticals Inc.
Our reports deliver fact-based news of research and discoveries from around the world. Copyright 2017, NewsRx LLC