Provectus Pharmaceutical, Inc. (OTCMKTS:PVCT) Remain Above $1
Despite opening with a gap up at $1.06 and reaching an intraday high of $1.13 the stock of Provectus Pharmaceutical, Inc. (OTCMKTS:PVCT) took a slide and closed 2.8% below the previous day, sitting at just 1 cent above the $1 mark. The medical company hasn’t been on such price levels since late 2011 and last Friday trade volume almost reached record numbers when 1.8 million shares changed hands.
The current uptrend and increased attention from the market has been supported by a couple of interviews given by the CFO and COO of the company Mr. Peter Culpepper without any artificial hype created by the involvement of paid pumpers. The last time PVCT was featured in an email alert was back in 2011.
PVCT are focused on the development of two prescription drugs PV-10 and PH-10 using the Rose Bengal molecule. PV-10 is used in the therapy for metastatic melanoma while PH-10 is a topical treatment for atopic dermatitis and psoriasis. With both drugs clearing clinical phase 2 trials the company is getting ready to start the much more critical Phase 3.
For now according to the management they have enough cash to support operations through 2014 which puts them ahead of the other pennystock medical companies. They finished the last quarter with the following financial results:
- $4.6 million cash
- $4.7 million total current assets
- $414 thousand total current liabilities
- ZERO revenues
- $2.7 million net loss
Although the large amount of the net loss and the lack of any revenues are not surprising for a development stage company the positive working capital certainly is a rare sight. PVCT has been relying on the issuance of common stock and warrants in order to fund its operation but most of them have a conversion price that is close to the market price. They also have an existing agreement with Alpha Capital Anstalt who can purchase up to $30,000,000 of common stock if PVCT‘s need for fresh funds increases.
Investing in them should be preceded by doing your own due diligence as the company is still ways away from having a complete product. Another pharmaceutical company that is steadily progressing along its business plan – Elite Pharmaceuticals Inc (OTCBB:ELTP) took a slight tumble yesterday after a week of steep climbing. The stock lost 12% and returned to $0.14 per share. Shareholders of Media Analytics Corp. (OTCBB:MEDA) took a much harder hit when the stock of the company plummeted by more than 50% and barely stopped at $0.74 despite MEDA being hyped by a pump with a budget amounting to $3.8 million.