KNOXVILLE, Tenn.--(BUSINESS WIRE)--Provectus Biopharmaceuticals, Inc. (OTCQB:PVCT, www.provectusbio.com), a clinical-stage oncology and dermatology biopharmaceutical company ("Provectus" or "The Company"), today announced that on December 27, 2016, the Company's Board of Directors unanimously voted to terminate Peter R. Culpepper, effective immediately, from all positions held with the Company, including Chief Executive Officer and Chief Operating Officer, for cause in accordance with the terms of his employment agreement based on the results of the investigation conducted by the Special Committee of the Company's Board of Directors regarding improper expense reimbursements to Mr. Culpepper.
The previously established search committee is actively searching for a qualified permanent Chief Executive Officer. In the interim, Timothy C. Scott, Ph.D, will perform the functions of the Chief Executive Officer position in his capacity as President while the Chief Executive Officer position remains vacant. Dr. Scott has been with Provectus since April 2002 and currently serves as the Company's President. Prior to joining Provectus, Dr. Scott was a senior member of the Photogen management team from 1997 to 2002, including serving as Photogen's Chief Operating Officer from 1999 to 2002, as a director of Photogen from 1997 to 2000, and as interim CEO for a period in 2000. Eric Wachter will continue as the Company's Chief Technology Officer and John Glass will continue as the Company's Interim Chief Financial Officer.
About Provectus Biopharmaceuticals, Inc.
Provectus Biopharmaceuticals is investigating new therapies for the treatment of skin cancer, liver cancer and breast cancer. Provectus' investigational oncology drug, PV-10, is an ablative immunotherapy under investigation in solid tumor cancers. The Company has received orphan drug designations from the FDA for its melanoma and hepatocellular carcinoma indications. PH-10, its topical investigational drug for dermatology, is undergoing clinical testing for psoriasis and atopic dermatitis. Provectus has completed Phase 2 trials of PV-10 as a therapy for metastatic melanoma, and of PH-10 as a topical treatment for atopic dermatitis and psoriasis. Information about these and the Company's other clinical trials can be found at the NIH registry, www.clinicaltrials.gov. For additional information about Provectus, please visit the Company's website at www.provectusbio.com or contact Porter, LeVay & Rose, Inc.
FORWARD-LOOKING STATEMENTS: This release contains "forward-looking statements" as defined under U.S. federal securities laws. These statements reflect management's current knowledge, assumptions, beliefs, estimates, and expectations and express management's current views of future performance, results, and trends and may be identified by their use of terms such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "predict," "project," "will," and other similar terms. Forward-looking statements are subject to a number of risks and uncertainties that could cause our actual results to materially differ from those described in the forward-looking statements. Readers should not place undue reliance on forward-looking statements. Such statements are made as of the date hereof, and we undertake no obligation to update such statements after this date.
Risks and uncertainties that could cause our actual results to materially differ from those described in forward-looking statements include those discussed in our filings with the Securities and Exchange Commission (including those described in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2015, as supplemented by those described in Part II, Item 1A of our Quarterly Report on Form 10-Q for the quarter ended September 30, 2016) and the following:
Provectus Biopharmaceuticals, Inc.
Timothy C. Scott, President
Phone: 866-594-5999 #13
Porter, LeVay & Rose, Inc.
Marlon Nurse, DM, SVP - Investor Relations
Allison + Partners
Todd Aydelotte, Managing Director