provectus biopharmaceutica-a (PVCT) Key Developments
Provectus Signs Memorandum of Understanding with Sinopharm-China State Institute of Pharmaceutical Industry, and Sinopharm A-THINK Pharmaceutical Co., Ltd
Aug 18 14
Provectus Biopharmaceuticals, Inc. announced that it entered into a Memorandum of Understanding ("MOU") with Sinopharm-China State Institute of Pharmaceutical Industry ("Sinopharm-CSIPI"), and Sinopharm A-THINK Pharmaceutical Co. Ltd. ("Sinopharm A-THINK"). The key component of the MOU provides that Sinopharm-CSIPI and Sinopharm A-THINK desire to obtain an exclusive license to commercialize PV-10 within [the People's Republic of] China territory, and PVCT is willing to grant such license to Sinopharm. During the next three months, the parties will seek to enter into a definitive licensing contract, subject to additional negotiation, due diligence, and any required regulatory and corporate approvals. The parties will further address the details of the license; the use of the technology from Provectus to Sinopharm A-THINK in China; the process for commercialization; and payments to Provectus (upfront, milestone and royalties). Provectus intends to manufacture PV-10 in the USA and Sinopharm A-THINK will distribute PV-10 in China. The MOU, which is governed by Chinese law, stems from negotiations led by Network 1 Financial Securities, a financial advisor to Provectus. The parties met at the headquarters of Sinopharm-CSIPI in Shanghai, China. In attendance were the senior management members of Sinopharm Group, as well as senior Provectus personnel. Provectus presented clinical and nonclinical data of its drug, PV-10. The experts and scientists from Sinopharm-CSIPI and Sinopharm A-THINK had an extensive and substantial discussion with the Provectus team. The MOU provides that the parties agreed that PV-10 is an advanced innovative drug representing the oncology research trend worldwide, [which] will provide extensive economic and social benefits to [the Chinese] market. In addition, the MOU says that all parties recognized the achievements gained during PV-10's clinical trial on melanoma, breast cancer and cancer of liver, plus the systematic effect on human immune efficacy, and PV-10 could be applied to other indications such as lung cancer, pancreatic cancer, prostate cancer and kidney cancer. The MOU contains customary provisions regarding confidential information, publicity, and intellectual property, and is non-binding upon the parties (except for certain non-material provisions). The MOU shall continue in effect until the earliest of the replacement of the MOU with a definitive agreement, one month prior written notice by either Provectus or Sinopharm, or ninety days from the signing of the MOU.
Provectus Biopharmaceuticals, Inc. - Special Call
Aug 6 14
To update the market in general and shareholders in particular about developments at the company
Brower Piven Commences Class Action Lawsuit Against Provectus Biopharmaceuticals, Inc
Jul 22 14
The securities litigation law firm of Brower Piven, A Professional Corporation, announced that a class action lawsuit has been commenced in the United States District Court for the Middle District of Tennessee on behalf of purchasers of Provectus Biopharmaceuticals, Inc. publicly traded securities during the period between December 17, 2013 and May 22, 2014, inclusive, and informs investors who wish to become proactively involved in the litigation that they have until July 28, 2014 to seek appointment as lead plaintiff. The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants' failure to disclose during the Class Period the true prospects for PV-10 and that new skin cancer drugs being developed may have rendered PV-10 obsolete.
Provectus Biopharmaceuticals, Inc. Approves Amendment to its Certificate of Incorporation
Jun 17 14
Provectus Biopharmaceuticals, Inc. approved amendment to its Certificate of Incorporation, at the annual meeting of stockholders held on June 16, 2014.
The Rosen Law Firm Announces Filing of Securities Fraud Class Action Against Provectus Biopharmaceuticals, Inc
Jun 13 14
The Rosen Law Firm announced that a class action lawsuit has been filed on behalf of all purchasers of the securities of Provectus Biopharmaceuticals, Inc. during the period between December 17, 2013 and May 22, 2014, seeking to recover investors' losses. According to the lawsuit, defendants misrepresented and/or failed to disclose the true prospects for its PV-10 skin cancer drug. On January 23, 2014, Adam Feuerstein published an article on TheStreet.com alleging that Provectus management had misled investors about the potential for PV-10, questioning why the promised Phase 3 randomized controlled trial of PV-10 have not commenced and speculating that PV-10 may be obsolete in light of new skin cancer drugs being developed. On this news, Provectus stock fell $3.35 per share, or over 64%, on unusually heavy volume to close at $1.87 per share on January 23, 2014, damaging investors.