Provectus Biopharmaceuticals, Inc. (PVCT: OTCQB) | Provectus Biopharmaceuticals Terminates Peter Culpepper as Interim CEO and COO

OTC

Provectus Biopharmaceuticals Terminates Peter Culpepper as Interim CEO and COO

Dec 28, 2016

OTC Disclosure News Service

Provectus Biopharmaceuticals, Inc. (OTCQB:PVCT, www.provectusbio.com),
a clinical-stage oncology and dermatology biopharmaceutical company
(“Provectus” or the “Company”), today announced that on December 27,
2016, the Company’s Board of Directors unanimously voted to terminate
Peter R. Culpepper, effective immediately, from all positions held with
the Company, including Chief Executive Officer and Chief Operating
Officer, for cause in accordance with the terms of his employment
agreement based on the results of the investigation conducted by the
Special Committee of the Company’s Board of Directors regarding improper
expense reimbursements to Mr. Culpepper.

The previously established search committee is actively searching for a
qualified permanent Chief Executive Officer. In the interim, Timothy C.
Scott, Ph.D, will perform the functions of the Chief Executive Officer
position in his capacity as President while the Chief Executive Officer
position remains vacant. Dr. Scott has been with Provectus since April
2002 and currently serves as the Company’s President. Prior to joining
Provectus, Dr. Scott was a senior member of the Photogen management team
from 1997 to 2002, including serving as Photogen’s Chief Operating
Officer from 1999 to 2002, as a director of Photogen from 1997 to 2000,
and as interim CEO for a period in 2000. Eric Wachter will continue as
the Company’s Chief Technology Officer and John Glass will continue as
the Company’s Interim Chief Financial Officer.

About Provectus Biopharmaceuticals, Inc.

Provectus Biopharmaceuticals is investigating new therapies for the
treatment of skin cancer, liver cancer and breast cancer. Provectus’
investigational oncology drug, PV-10, is an ablative immunotherapy under
investigation in solid tumor cancers. The Company has received orphan
drug designations from the FDA for its melanoma and hepatocellular
carcinoma indications. PH-10, its topical investigational drug for
dermatology, is undergoing clinical testing for psoriasis and atopic
dermatitis. Provectus has 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.provectusbio.com
or contact Porter, LeVay Rose, Inc.

FORWARD-LOOKING STATEMENTS: This release contains “forward-looking
statements” as defined under U.S. federal securities laws. These
statements reflect management’s current knowledge, assumptions, beliefs,
estimates, and expectations and express management’s current views of
future performance, results, and trends and may be identified by their
use of terms such as “anticipate,” “believe,” “could,” “estimate,”
“expect,” “intend,” “may,” “plan,” “predict,” “project,” “will,” and
other similar terms. Forward-looking statements are subject to a number
of risks and uncertainties that could cause our actual results to
materially differ from those described in the forward-looking
statements. Readers should not place undue reliance on forward-looking
statements. Such statements are made as of the date hereof, and we
undertake no obligation to update such statements after this date.

Risks and uncertainties that could cause our actual results to
materially differ from those described in forward-looking statements
include those discussed in our filings with the Securities and Exchange
Commission (including those described in Item 1A of our Annual Report on
Form 10-K for the year ended December 31, 2015, as supplemented by those
described in Part II, Item 1A of our Quarterly Report on Form 10-Q for
the quarter ended September 30, 2016) and the following:

  • our determination, based on guidance from the FDA, whether to proceed
    with or without a partner with the phase 3 trial of PV-10 to treat
    locally advanced cutaneous melanoma and the costs associated with such
    a trial if it is necessary to complete (versus interim data alone);
  • our determination whether to license PV-10, our investigational drug
    product for melanoma and other solid tumors such as cancers of the
    liver, if such licensure is appropriate considering the timing and
    structure of such a license, or to commercialize PV-10 on our own to
    treat melanoma and other solid tumors such as cancers of the liver;
  • our ability to license PH-10, our investigational drug product for
    dermatology, on the basis of our phase 2 atopic dermatitis and
    psoriasis results, which are in the process of being further developed
    in conjunction with mechanism of action studies;
  • our ability to raise additional capital if we determine to
    commercialize PV-10 and/or PH-10 on our own, although our expectation
    is to be acquired by a prospective pharmaceutical or biotech concern
    prior to commercialization;
  • our ability to raise capital through our proposed rights offering; and
  • whether our securities remain listed on the NYSE MKT.

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