Provectus Biopharmaceuticals Approves $10 Million Financing Term Sheet

Provectus Biopharmaceuticals, Inc. (OTCMKTS:PVCT) revealed in a recent 8-K filing that its board of directors has given the green light to a Financing Term Sheet on January 15, 2025. The approved Financing Term Sheet outlines the terms for the company’s effort to secure a maximum of $10,000,000 in financing, termed the “2025 Financing.”

The 2025 Financing will mainly comprise an unsecured convertible loan intended to be obtained in multiple installments. The funds from this financing round are earmarked to support Provectus Biopharmaceuticals’ ongoing drug discovery and development program, along with covering general and administrative expenses.

The funding structure for the 2025 Financing will involve various investors providing the loan through convertible promissory notes, collectively referred to as the “2025 Notes.” These notes will be governed by terms including an interest rate of eight percent per annum on the outstanding principal, with different provisions for conversion into Series D-1 Convertible Preferred Stock of Provectus Biopharmaceuticals.

Additionally, a noteworthy clause of the 2025 Note allows for voluntary conversion into shares of the Series D-1 Preferred Stock at any time during the outstanding period at a predetermined price per share. Automatic conversion is set to occur twelve months post the issuance date.

Notably, the Board also sanctioned the finalization of a prior financing round approved in July 2024, resulting in the reception of convertible promissory notes totaling $1,000,000 by January 15, 2025. These notes were issued under exemption from the registration requisites of the Securities Act of 1933.

Provectus Biopharmaceuticals is optimistic about its financial positioning with these recent developments, which are expected to support its strategic projects and operational needs effectively.

The Form 8-K filing details further specifics, including the attached Form of Unsecured Convertible Promissory Note (Exhibit 4.1) and the 2025 Financing Term Sheet (Exhibit 10.1), reflecting the commitments and terms agreed upon with the investors.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Provectus Biopharmaceuticals’s 8K filing here.

Provectus Biopharmaceuticals Company Profile

Provectus Biopharmaceuticals, Inc, a clinical-stage biotechnology company, engages in developing immunotherapy medicines based on halogenated xanthenes in the United States. The company's lead molecule is rose bengal sodium (RBS). Its clinical development programs include PV-10 for the treatment of stage III and IV melanoma and different types of liver cancers; PH-10 for the treatment of psoriasis and atopic dermatitis, and skin inflammation; and PV-305 for the treatment of infectious keratitis.