Provectus Biopharmaceuticals closes financing with PRH group

|About: Provectus Biopharmaceutica... (PVCT)|By:, SA News Editor

Provectus Biopharmaceuticals (NYSEMKT:PVCT) announces the entry into definitive agreements related to the previously announced term sheet with PRH Group.

Bruce Horowitz and Dominic Rodrigues have been appointed to the board with Mr. Rodrigues to serve as Chairman.

Three former members of Provectus' board, Kelly McMasters, M.D., Tim Scott, Ph.D., and Alfred E. Smith IV, resigned upon the PRH Group's funding into escrow of its first financing tranche of $2.5M and upon the drawdown by Provectus of the remainder of the $2.5M investment commitment from Dr. Wachter, co-founder and Chief Technology Officer.

Provectus has adopted the basic tenets of the PRH Group's fundamental strategy for the Company: change the direction and control of the board of directors, complete a tranche-based capital formation program, and fortify the management team to support the clinical development program as well as business and corporate development opportunities.