Provectus Biopharmaceuticals, Inc. (OTCQB:PVCT) (http://www.pvct.com),
a development-stage oncology and dermatology biopharmaceutical company,
announced today that it has entered into an advisory agreement with
China's Tririver Capital to help identify distribution and joint venture
partners for the Company's novel oncology drug PV-10 in China, as well
as other therapeutics that Provectus is developing.
The Tririver agreement is intended to provide further reach into China
for PVCT as it seeks partnering opportunities with pharmaceutical
companies. The new agreement will further bolster the current
initiatives by Provectus in conjunction with existing advisory groups to
develop partnering opportunities in various countries in Asia including
China, India and Japan, where the Company has held numerous detailed
discussions with pharmaceutical companies over the last year.
Provectus believes significant opportunities exist for PV-10 and PH-10
in Asia including those for its lead melanoma indication, as well as for
liver cancer treatment and other oncology and dermatology treatments. As
an example, nearly 55% of world-wide cases of liver cancer occur in
China each year and there is a tremendous unmet medical need.
Craig Dees, PhD, CEO of Provectus, said, "Provectus is very hopeful
about the potential of PV-10 in treating cancer in China. A new WHO
report based on 2012 data says that China has 3.07 million newly
diagnosed cases, 21.8% of the global total. It also had 2.2 million
cancer deaths, 26.9% of the world's total cancer deaths. We believe we
have a moral duty to bring our technology to the Chinese market as
quickly as possible.
"Because of the way China's commercial code and legal system work, it is
incumbent on us to secure a local partner, and we must be very cetain
that we have selected the right partner. That is where the expertise of
Tririver comes in. They are the leading Chinese investment bank
specializing in the bio & healthcare sector, and as such, they have the
requisite knowledge and skills to make Provectus' venture in China
successful. We believe Tririver will provide strong support for
assisting us in meeting our partnership goals in China."
Charles Yang, CEO of Tririver Capital, said, "Tririver anticipates great
success for Provectus in China, and we will work diligently to arrange
the best possible partnership for Provectus. We are excited to be part
of the efforts to introduce Provectus into the Chinese market."
Under the terms of the agreement, Tririver will: create a target list;
assist in contacting potential partners; assist in soliciting formal
indications of interest from potential partners; and assist in
negotiations with potential partners. The purpose of any such
negotiations would be to license PV-10 for use in China with the
possibility of bringing other treatments to China.
Dr. Dees concluded, "In 2013, Provectus also signed a number of
non-disclosure agreements with several large Asian pharmaceutical
companies. They have not only been visiting our data room but they have
also met with our management team both in Asia and in the US. Our
arrangement with Tririver is the first of many more we anticipate will
result from these contacts."
About Tririver Capital
Tririver Capital is a leading investment banking firm in China dedicated
to bio & healthcare sector. Founded in 2008 and headquartered in
Shanghai, China, the firm is committed to meeting the diverse and
changing needs of its clients by providing a full array of innovative
and customized financial solutions. Its services include angel
investments, private fund-raisings, mergers & acquisitions and
partnerships and licensing.
About Provectus Biopharmaceuticals, Inc.
Provectus Biopharmaceuticals specializes in developing oncology and
dermatology therapies. Its novel oncology drug PV-10 is designed to
selectively target and destroy cancer cells without harming surrounding
healthy tissue, significantly reducing potential for systemic side
effects. Its oncology focus is on melanoma, breast cancer and cancers of
the liver. The Company has received orphan drug designations from the
FDA for its melanoma and hepatocellular carcinoma indications. Its
dermatological drug PH-10 also targets abnormal or diseased cells, with
the current focus on psoriasis and atopic dermatitis. Provectus has
recently 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.pvct.com
or contact Porter, LeVay & Rose, Inc.
FORWARD-LOOKING STATEMENTS: The forward-looking statements contained
herein are subject to certain risks and uncertainties that could cause
actual results to differ materially from those reflected in the
forward-looking statements. Readers are cautioned not to place undue
reliance on these forward-looking statements, which reflect management's
analysis only as of the date hereof. The company undertakes no
obligation to publicly revise these forward-looking statements to
reflect events or circumstances that arise after the date thereof.
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