On July 6, 2015 Provectus Biopharmaceutical reported that it is partnering with a global pharmaceutical company to help bring to market its investigative drug for cancer, PV-10, in mainland China, Hong Kong and Taiwan (Press release, Provectus Pharmaceuticals, JUL 7, 2015, View Source [SID:1234506182]).
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The letter of intent with Boehringer Ingelheim comes weeks after the Knoxville clinical-stage oncology and dermatology biopharmaceutical company announced a partnership with Pfizer, which jointly filed a patent application allowing for the use of PV-10 in combination with other types of drugs.
"We finally have the beginnings of serious validation by global pharma entities," said Peter Culpepper, the company’s chief financial and operating officer. "We’re starting to feel good and momentum is moving."
Provectus is in the midst of a Phase 3 clinical trial for PV-10, designed for injection into solid tumors to selectively target and destroy cancer cells in liver and melanoma.
The company, which is traded on the New York Stock Exchange, recently raised $13.1 million in a public offering of common stock and warrants, nearly doubling the company’s cash. An over-allotment option allowing for the purchase of additional shares may generate additional revenue.
Provectus intends to use the net proceeds of the offering for clinical development, working capital and general corporate purposes.
"We’re on the right track," Culpepper said. "We have the right people we’re talking to, but we legitimately need data."
The company is finally in a position to generate that data, he added.
It has in place a supply chain to manufacture the drug, intellectual property in various locations, a mechanism for data through Moffitt Cancer Center and the University of Illinois at Chicago, and now collaborations with big pharma companies that "agree with us and want to help."