KNOXVILLE, TN, /GLOBE NEWSWIRE/ -- Provectus (OTCQB: PVCT) today announced the appointment of Bruce Horowitz as the Company's Chief Operating Officer. Mr. Horowitz had previously served as Provectus' Chief Operations Consultant since 2017. He has also served as a member of the Company's Board of Directors (the "Board") since 2017. Provectus is a clinical-stage biotechnology company developing a new class of drugs for oncology and dermatology based on a wholly-owned family of chemical small molecules called halogenated xanthenes.
Prior to working for Provectus, Mr. Horowitz has served as the Managing Director of Capital Strategists, LLC, which provides corporate, strategic, and financial consulting services, since 2006, and an advisor to family trusts and private individuals, with a focus on financial asset management, real estate management, and special situation investments. He has also served as the Managing Member of Plata LLC since 2017. Earlier in his career, Mr. Horowitz was a charter member of the New York Futures Exchange, was a Senior Vice President managing principal equity investment accounts, private equity investments and public offerings at Drake Capital Securities, and managed the trading department at the Los Angeles office of Laidlaw Equities. He was also a partner at Stanley Capital, a private equity buyout firm. Mr. Horowitz was the chairman and a member of two general obligation bond fund committees, raising more than $500 million in general revenue bonds for the Beverly Hills Unified School District (BHUSD). Subsequently, he was named the first chairman of both the state of California-mandated Citizens' Oversight Committee and Facilities Advisory Committee, overseeing expenditure of all BHUSD general obligation bond funds. Mr. Horowitz is a founding member of the Los Angeles Chapter of the Positive Coaching Alliance. He founded and is currently the president of the Beverly Hills Basketball League, a youth basketball program that serves more than 35,000 families. Mr. Horowitz has also served as a member of the boards of directors of the American Youth Soccer Organization and Beverly Hills Little League. He holds a Juris Doctor degree from Benjamin N. Cardozo School of Law in New York City and a Bachelor of Arts degree from Washington University in St. Louis.
Ed Pershing, CPA, Chair of the Company's Board, said, "We are thrilled to have Bruce fill this critical leadership position at Provectus. Over the last couple of years, his contribution to reforming the Company's legacy and inherited corporate governance, business management, and clinical operations issues has been quite consequential. This work ultimately led to realized operational savings of tens of millions of dollars as well as recovery efforts from realized and unrealized judgements and settlements of more than ten million dollars."
Mr. Pershing added, "During the same period of time, Bruce's influence has enabled Provectus to begin strategically pivoting the focuses of the clinical development program of the Company's investigational cancer immunotherapy PV-10 towards neoadjuvant therapy for early-stage cancer where all disease can be treated swiftly with PV-10, and combination therapy with standard of care for later-stage disease where priming and activation of the functional immune response to PV-10 treatment can be augmented by another treatment or treatments."
Provectus' lead investigational oncology drug, PV-10, the first small molecule oncolytic immunotherapy, can induce immunogenic cell death. PV-10 is undergoing clinical study for adult solid tumor cancers, like melanoma and cancers of the liver (including metastatic symptomatic neuroendocrine tumors and metastatic uveal melanoma), and preclinical study for pediatric cancers. Orphan drug designation status has been granted to PV-10 by the U.S. Food and Drug Administration for the treatments of metastatic melanoma in 2006, hepatocellular carcinoma in 2011, neuroblastoma in 2018, and ocular melanoma in 2019.
Provectus' lead investigational dermatology drug, PH-10, a topically applied, non-steroidal, small molecule-based gel, is undergoing clinical study for inflammatory dermatoses like psoriasis and atopic dermatitis. PH-10 is self-applied to affected skin with photoactivation via ambient exposure to visible light. Pathways significantly improved by PH-10 treatment include published psoriasis transcriptomes and cellular responses mediated by IL-17, IL-22 and interferons.
Provectus Biopharmaceuticals, Inc. (Provectus or the Company) is a clinical-stage biotechnology company developing a new class of drugs based on an entirely- and wholly-owned family of chemical small molecules called halogenated xanthenes. Information about the Company's 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.
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," "would," "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, 2018).
Provectus Biopharmaceuticals, Inc.
Heather Raines, CPA
Chief Financial Officer