Provectus Pharmaceuticals, Inc. (OTCMKTS:PVCT) Try to Reverse The Negative Trend
Ever since the recovery they made during the first week of October, Provectus Pharmaceuticals, Inc. (OTCMKTS:PVCT) have been sliding downwards on diminishing volumes. Yesterday though they managed to gather some momentum and closed 7% in the green. The jump brought the ticker to $0.82 per share. A month ago the biomedical company managed to bump its price to above a dollar for a couple of sessions but ultimately proved to be unable to support such levels.
In a contrast to the generally negative trend of their stock the company has issued some positive PR articles. On October 24 PVCT were awarded their 27th patent called “Medicaments for Chemotherapeutic Treatment of Disease”. This patent provides further protection of the company’s main oncology drug candidate – the PV-10. Although PVCT is focused predominantly on the development of just one drug, the company is actually using it to treat three different kinds of cancers. PV-10 has successfully completed a Phase II clinical trial for metastatic melanoma and a Phase III trial is being planned; a Phase I trial is currently ongoing for metastatic liver cancer and a Phase I trial has been completed for recurrent breast cancer.
So the potential is certainly there but the fate of the company is in the hands of the FDA. If PVCT is successful in getting a breakthrough therapy designation, a PV-10 market entry could happen at some point next year. Another plus for the company is the rather stable balance sheet, at least compared to most of the other development stage medical pennystocks. For the quarter ending June 30, they disclosed:
- $4.6 million cash
- $4.7 million total current assets
- $414 thousand total current liabilities
- $2.3 million net loss
Important positive sign is the lack of any paid pumps in the history of the company but still be sure to do your own research before committing to any trades. Other companies that moved in a positive direction during yesterday’s session were Globalstar, Inc. (OTCMKTS:GSAT) who added another 18% to arrive at $1.65 and First Liberty Power Corp. (OTCMKTS:FLPC).
