Provectus Announces Name Change to Provectus Biopharmaceuticals

12/18/2013

Provectus Pharmaceuticals, Inc. a development-stage oncology and dermatology biopharmaceutical company, announced that shareholders voted to change the company's name to Provectus Biopharmaceuticals, Inc. and reincorporate in Delaware effective promptly upon regulatory filings in Delaware and Nevada. The company's common stock will continue to trade under the symbol "PVCT" on the over-the-counter exchange. The name change and reincorporation proposals both had support from more than 99% of shareholders who voted.

Dr. Craig Dees, PhD, CEO, said “We felt that a change in the corporate name to 'Provectus Biopharmaceuticals, Inc.,' better communicates to the public the current and future nature of the company's business operations and enables the company to better implement its business plan. In particular, the company's drug product candidates (pharmaceutical preparations) in both the oncology and dermatology therapeutic areas have either shown, or are expected to show through independent research, a capacity to harness the immune system of those patients treated. For oncology patients, this means using their bodies' own disease-fighting capabilities to aid in reducing their tumor burden in various cancer indications. For dermatology patients, these same immune-system abilities can reduce the inflammation of their various inflammatory dermatoses. Both of these approaches to treat disease relate to properly utilizing the patient's biologic or immune system and not just the direct treatment of his or her disease. Thus, 'biopharmaceutical' is a more apt term. The new name does not affect our business, operations, reporting requirements or stock price but will require a new CUSIP."

Dr. Dees also said, "Reincorporation in Delaware gives us more flexibility, clarity and predictability with respect to our corporate governance. Generally, the corporate laws of the State of Delaware are more comprehensive, widely-used and extensively interpreted than the corporate laws of other states, including Nevada. In addition, Delaware provides a recognized body of corporate law that is consistently interpreted by Delaware courts, which we believe will facilitate corporate governance by our officers and directors. All of this will enhance transparency to the benefit of our shareholders."

At the same time, Provectus announced that it has appointed Bob Miglani, Senior Director, External Medical Affairs at Pfizer Inc., to its Corporate Advisory Board. Bob also serves on the Board of Directors of the Alliance For US India Business (AUSIB), and as an Advisor on the Health Systems Strengthening Task Force at the Public Health Foundation of India (PHFI), where he is a leading advocate for elevating the Indian-American voice in the public conversation, both in the US and India. An active volunteer, Bob helps to mentor high school students in underprivileged areas around the world as part of the Albert Schweitzer's Leadership for Life Program.

 

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