Provectus Pharmaceuticals, Inc. (OTC:PVCT) is focused on the development of oncology and dermatology therapies. The company has received an orphan drug designation form the FDA for the melanoma indications of its oncology drug PV-10.
The company hasn’t been very active with it’s press releases lately, and the stock price has been declining for the past three months.
Nevertheless, it has managed to stay away from the $0.80 mark. Yesterday, PVCT closed at $0.83 per share – a 1.19% loss on 188 thousand shares.[BANNER]
The 10-Q form for the second quarter of 2011 was filed on Aug. 9. According to the report, the company had more than enough cash and cash equivalents at hand to cover its current liabilities, even after recording a $5.3 million operating loss for the quarter. The report also shows some dilution which may discourage some investors.
The company is still not generating any revenues, and finances its operations through the sale of equity and warrants. As of June 30, 2011 PVCT had warrant liability in the amount of $5 million, which actually represents most of PVCT liabilities. Here are some other numbers in the report:
- $14,390,120 – cash and cash equivalents
- $5,692,530 – total liabilities
- Preferred stock 4.2 million issued and outstanding (liquidation preference $3.2 million)
- 17.3 million shares of common stock issued since December 31, 2010
Providing more information about the current state of PVCT affairs may help the price of its stock. Right now there is some uncertainty around the company’s activities.
