PROVECTUS BIOPHARMACEUTICALS, INC. (OTCMKTS:PVCT) Files An 8-K Other Events
Item 8.01 Other Events.
to the Definitive Financing Commitment Term Sheet entered into between Provectus Biopharmaceuticals, Inc. (the “Company”) and a group of the Company’s stockholders (the “PRH Group”), which was amended and restated effective as of March 19, 2017 (the “Term Sheet”) and previously disclosed by the Company in a Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission on March 23, 2017, the PRH Group concluded its best efforts activity to arrange for a financing of $20,000,000 (the “Financing”), which amounts were provided in a number of tranches, between the first tranche on April 4, 2017 and the final tranche on December 20, 2019 (the “Final Tranche”). As described in the Term Sheet, the Financing was in the form of a secured convertible loan (the “Loan”) from various investors (collectively, the “Investors”) that is evidenced by convertible promissory notes (individually, a “PRH Note” and collectively, the “PRH Notes”) and secured by a first priority security interest on the Company’s intellectual property (the “IP”).
to the Term Sheet, the PRH Notes will convert into shares of Series D Preferred Stock of the Company on or before June 20, 2021, which is the 18-month anniversary of the funding of the Final Tranche of the Financing, subject to certain exceptions. As of the date hereof, the Series D Preferred Stock had not yet been designated by the Company’s board of directors. Upon conversion of the Loan, the Investors will release their first lien on the IP.
About PROVECTUS BIOPHARMACEUTICALS, INC. (OTCMKTS:PVCT)
Provectus Biopharmaceuticals, Inc. is a development-stage biopharmaceutical company. The Company is engaged in developing pharmaceuticals for oncology and dermatology indications. The Company is focused on developing its prescription drug candidates, PV-10 and PH-10. It is developing PV-10 for treatment of several life threatening cancers, including metastatic melanoma, liver cancer and breast cancer. It is developing PH-10 to provide minimally invasive treatment of chronic severe skin afflictions, such as psoriasis and atopic dermatitis, a type of eczema. In addition to clinical trials, patients enrolled in the expanded access or compassionate use program for PV-10 are also receiving PV-10 treatments for cutaneous and subcutaneous cancer indications. The Company also focuses on over-the-counter (OTC) products and various other non-core technologies. PV-10 is a sterile injectable form of rose bengal disodium (Rose Bengal), for direct injection into tumors.