Provectus Biopharmaceuticals, Inc. Announces Pricing of Public Offering to Raise $6 Million

KNOXVILLE, Tenn.–(BUSINESS WIRE)–Provectus Biopharmaceuticals, Inc. (NYSE MKT: PVCT, www.provectusbio.com)
(“Provectus” or the “Company”), a clinical-stage oncology and
dermatology biopharmaceutical company, today announced the pricing of a
“best efforts” public offering of 240,000 shares of Series B Convertible
Preferred Stock (which are initially convertible into an aggregate of
24,000,000 shares of common stock) and warrants initially exercisable to
purchase an aggregate of 24,000,000 shares of common stock with a public
offering price of $25.00 for a combination of one share of Series B
Convertible Preferred Stock and a warrant to purchase one share of
common stock. The warrants have an exercise price of $0.275 per share,
are exercisable immediately, and will expire on August 30, 2021. The
Company expects to receive gross proceeds of approximately $6 million,
before deducting placement agent fees and commissions and other
estimated offering expenses.
The offering is expected to close on or about August 30, 2016, subject
to customary closing conditions.
Maxim Group LLC is acting as placement agent for the offering.
Provectus intends to use the net proceeds of the offering for clinical
development, working capital and general corporate purposes.
The securities are being offered under the Company’s effective shelf
registration statement on Form S-3 (No. 333-205704), including a base
prospectus, previously filed with and declared effective by the
Securities and Exchange Commission (SEC). The securities are being
offered by means of a prospectus supplement and accompanying prospectus,
forming a part of the effective registration statement. A prospectus
supplement related to the offering will be filed with the SEC and will
be available, on the website of the SEC at https://www.sec.gov.
Electronic copies of the preliminary prospectus supplement also may be
obtained from Maxim Group LLC, 405 Lexington Avenue, 2nd Floor, New
York, NY 10174, at 212-895-3500. Before you invest, you should read the
preliminary prospectus supplement and the accompanying prospectus in
that registration statement and other documents Provectus has filed or
will file with the SEC for more complete information about Provectus and
the offering.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there be any
sale of these securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such jurisdiction.
About Provectus Biopharmaceuticals, Inc.
Provectus Biopharmaceuticals, Inc. 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, including but
not limited to the expected use of the net proceeds from the offering.
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 Securities and Exchange
Commission (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; and
• 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.