SOURCE: Maxim Group

Maxim Group

March 17, 2010 12:10 ET

Maxim Group LLC Completes $7.9 Million Private Placement Offering for Provectus Pharmaceuticals

NEW YORK, NY--(Marketwire - March 17, 2010) -  Maxim Group LLC, a leading full service investment banking, securities and wealth management firm, today announced the completion of the private placement of an aggregate of approximately 10.5 million shares of Provectus Pharmaceuticals' convertible preferred stock and warrants to purchase approximately 5.3 million shares of its common stock at an exercise price of $1.00 per share pursuant to a Securities Purchase Agreement.

Provectus Pharmaceuticals, Inc. (OTCBB: PVCT), a development-stage oncology and dermatology biopharmaceutical company, specializing in developing oncology and dermatology therapies, received gross proceeds of $7.9 million. The shares issued to the investors and the shares underlying the warrants have not been and will not be registered under the Securities Act of 1933, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

The Company intends to use the proceeds of the private placement for working capital purposes.

Maxim Group LLC served as the Company's placement agent for the transaction.

Forward-Looking Statements

This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and the Company's growth strategy and measures to implement such strategy. Words such as "expects," "intends," "plans," "believes," "anticipates," "hopes," "estimates," and variations of such words and similar expressions are intended to identify forward-looking statements. Although the Company believes that such expectations will prove to have been correct, these statements involve known and unknown risks and are based upon a number of assumptions and estimates, which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, the scope and timing of SEC and other regulatory agency review, competitive factors in the market in which the Company operates; risks associated with operations outside the United States; and other factors listed from time to time in the Company's filings with the Securities and Exchange Commission. The Company's filings can be obtained free of charge on the SEC's website at www.sec.gov. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

About Provectus Pharmaceuticals, Inc.

Provectus Pharmaceuticals specializes in developing oncology and dermatology therapies. Its lead oncology agent, PV-10, is designed to selectively target and destroy cancer cells without harming surrounding healthy tissue, significantly reducing systemic side effects. Its oncology focus is on melanoma, breast cancer and metastatic liver cancer. The Company has received orphan drug designation from the FDA for its melanoma indication. Its lead dermatological drug, PH-10, also targets abnormal or diseased cells, with the current focus on psoriasis and atopic dermatitis. Provectus has recently completed enrollment in three of its Phase 2 trials -- PV-10 as a therapy for metastatic melanoma, and PH-10 as a topical treatment for atopic dermatitis and for psoriasis. It has also recently initiated a Phase 1 trial for PV-10 for liver cancer.

About Maxim Group LLC

Maxim Group LLC is a full-service investment banking firm headquartered in New York. Maxim Group provides a full array of financial services including investment banking; private wealth management; and global institutional equity, fixed-income and derivatives sales and trading as well as equity research. Maxim Group currently manages in excess of $5 billion in client assets. The investment banking group focuses on middle market and emerging growth companies within the shipping, energy, health care, technology, retail, and business and financial services sectors. The institutional coverage of Maxim Group spans North and South America, Europe and Asia. Maxim Group LLC is a registered as a broker-dealer with the U.S. Securities and Exchange Commission and is a member of the following: Financial Industry Regulatory Authority (FINRA); Municipal Securities Rulemaking Board (MSRB); Securities Insurance Protection Corporation (SIPC); International Securities Exchange (ISE); NASDAQ Stock Market and the NYSE Arca, Inc. To learn more about Maxim Group, visit www.maximgrp.com

Contact Information

  • For further information please contact:

    Investment Banking

    Clifford A. Teller
    Director of Investment Banking
    212.895.3773
    cteller@maximgrp.com

    Capital Markets

    Christopher J. Fiore
    President
    Head of Capital Markets
    212.895.3743
    cfiore@maximgrp.com

    Paul G. LaRosa
    Senior Managing Director
    212.895.3695
    plarosa@maximgrp.com

    Jeff Sklar
    Managing Director
    Institutional Equity Sales & Trading
    212.895.3780
    jsklar@maximgrp.com

    Wealth Management

    John J. Garrity
    Executive Managing Director
    212.895.3624
    jgarrity@maximgrp.com