Provectus Pharmaceuticals Inc. (OTC: PVCT) has concluded a deal for up to $31 million in investment capital to spur its development work on cancer and skin drugs.
The deal with Chicago-based Lincoln Park Capital Fund invested $1 million at a market premium and gave Provectus rights to draw up to $30 million more, Provectus said in a statement issued Tuesday.
“We are pleased to have signed a purchase agreement with Lincoln Park Capital,” said Craig Dees, Provectus CEO. “This commitment increases our flexibility to strategically develop PV-10 and PH-10 as we continue potential partnership discussions. We welcome Lincoln Park Capital as an institutional investor.”
Provectus said PV-10 is designed to selectively target and destroy cancer cells without harming surrounding healthy tissue and has a focus on melanoma, breast cancer and metastatic cancers of the liver. The FDA has granted orphan drug designation its melanoma indication. PH-10 also targets abnormal or diseased cells, with the current focus on psoriasis and atopic dermatitis, Provectus said. Both have finished Phase 2 studies.
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