Provectus Biopharma (PVCT) Prices $6M Conv. Preferred Stock Offering

August 25, 2016 9:26 AM EDT
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Provectus Biopharmaceuticals, Inc. (NYSE: PVCT,) 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 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.

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