Provectus Biopharmaceuticals Files Registration Statement for Rights Offering to Existing Stockholders

Provectus Biopharmaceuticals, Inc. (NYSE MKT: PVCT, www.provectusbio.com), a clinical-stage oncology and dermatology biopharmaceutical company (“Provectus” or the “Company”), today announced that it filed a
registration statement on Form S-1 with the Securities and Exchange Commission (the “SEC”) for a rights offering to its existing stockholders.
Under the proposed rights offering, Provectus would distribute
non-transferable subscription rights to purchase units (consisting of
shares of common stock and warrants to purchase common stock) to its
stockholders on the record date for the rights offering, which has not
yet been set. Holders who exercise their subscription rights in full
will be entitled, if available, to subscribe for additional units that
are not purchased by other stockholders. The Company has not yet
announced the number of shares of common stock and number of warrants
included in the units, the subscription price per unit, exercise price
of the warrants, record date, or subscription period.
Provectus plans to use the proceeds from the rights offering for
clinical development, including its ongoing phase 3 clinical trial of
PV-10 to treat locally advanced cutaneous melanoma and its phase 1b/2
clinical trial of PV-10 in combination with pembrolizimab to treat
metastatic melanoma, in addition to advancing development of PV-10 to
treat cancers of the liver and other solid tumors. The Company also
plans to use a portion of the proceeds for working capital and general
corporate purposes. In order for the rights offering to be successful,
the Company will need to amend its certificate of incorporation to
increase the number of shares of its common stock that the Company is
authorized to issue. Accordingly, the Company has filed a preliminary
proxy statement with the SEC to request that its stockholders approve,
at a special meeting of stockholders, both an increase in the Company’s
authorized shares of common stock and a reverse stock split, each of
which will be at the discretion of the Company’s board of directors to
effectuate if the proposals receive the requisite stockholder approval.
A reverse stock split will be necessary for the Company to maintain its
listing on the NYSE MKT, unless the Company’s stock begins trading at
higher levels for a sustainable period of time, and will also decrease
the number of shares of common stock outstanding. Provectus has engaged
Maxim Group LLC as dealer-manager in the offering. Questions about the
rights offering or requests for copies of the prospectus, when
available, may be directed to Maxim Group LLC at 405 Lexington Avenue,
New York, NY 10174, Attention Syndicate Department, or via email at syndicate@maximgrp.com
or telephone at (212) 895-3745.
A registration statement on Form S-1 relating to these securities has
been filed by Provectus with the SEC but has not yet become effective.
These securities may not be sold nor may offers to buy be accepted prior
to the time the registration statement becomes effective. The rights
offering, which is expected to commence following the effectiveness of
the registration statement, will only be made by means of a prospectus.
A preliminary prospectus relating to and describing the proposed terms
of the rights offering has been filed with the SEC as a part of the
registration statement and is available on the SEC’s web site at https://www.sec.gov.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor will there be any
sale of these securities in any state or other jurisdiction in which
such offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state or
jurisdiction.
About Provectus Biopharmaceuticals, Inc.
Provectus Biopharmaceuticals is investigating new therapies for the
treatment of skin cancer, liver cancer and breast cancer. Provectus’
investigational oncology drug, PV-10, is an ablative immunotherapy under
investigation in solid tumor cancers. The Company has received orphan
drug designations from the FDA for its melanoma and hepatocellular
carcinoma indications. PH-10, its topical investigational drug for
dermatology, is undergoing clinical testing for psoriasis and atopic
dermatitis. Provectus has completed Phase 2 trials of PV-10 as a therapy
for metastatic melanoma, and of PH-10 as a topical treatment for atopic
dermatitis and psoriasis. Information about these and the Company’s
other clinical trials can be found at the NIH registry, www.clinicaltrials.gov.
For additional information about Provectus, please visit the Company’s
website at www.provectusbio.com
or contact Porter, LeVay & Rose, Inc.
FORWARD-LOOKING STATEMENTS: This release contains “forward-looking
statements” as defined under U.S. federal securities laws. These
statements reflect management’s current knowledge, assumptions, beliefs,
estimates, and expectations and express management’s current views of
future performance, results, and trends and may be identified by their
use of terms such as “anticipate,” “believe,” “could,” “estimate,”
“expect,” “intend,” “may,” “plan,” “predict,” “project,” “will,” and
other similar terms. Forward-looking statements are subject to a number
of risks and uncertainties that could cause our actual results to
materially differ from those described in the forward-looking
statements. Readers should not place undue reliance on forward-looking
statements. Such statements are made as of the date hereof, and we
undertake no obligation to update such statements after this date.
Risks and uncertainties that could cause our actual results to
materially differ from those described in forward-looking statements
include those discussed in our filings with the SEC (including those
described in Item 1A of our Annual Report on Form 10-K for the year
ended December 31, 2015) and the following:

• our determination, based on guidance from the FDA, whether to proceed
  with or without a partner with the fully enrolled phase 3 trial of
  PV-10 to treat locally advanced cutaneous melanoma and the costs
  associated with such a trial if it is necessary to complete (versus
  interim data alone);
• our determination whether to license PV-10, our investigational drug
  product for melanoma and other solid tumors such as cancers of the
  liver, if such licensure is appropriate considering the timing and
  structure of such a license, or to commercialize PV-10 on our own to
  treat melanoma and other solid tumors such as cancers of the liver;
• our ability to license PH-10, our investigational drug product for
  dermatology, on the basis of our phase 2 atopic dermatitis and
  psoriasis results, which are in the process of being further developed
  in conjunction with mechanism of action studies;
• our ability to raise additional capital if we determine to
  commercialize PV-10 and/or PH-10 on our own, although our expectation
  is to be acquired by a prospective pharmaceutical or biotech concern
  prior to commercialization; and
• our ability to raise capital through the proposed rights offering.