Starting tomorrow (May 16th, 2014), shares of the $439.7 million dollar biopharmaceutical company will be withdrawn from quotation on OTCQB and will be listed on the NYSE MKT. The ticker symbol will remain the same: (PVCT).
Provectus Biopharmaceuticals is a development-stage biopharmaceutical company that specializes in developing oncology and dermatology therapies through two predominant drug candidates: PV-10 and PH-10. The first drug has recently undergone Phase 2 trials for treating metastatic melanoma. It is designed to target and destroy bad cancer cells while avoiding healthy tissue, which can significantly reduce side effects. PH-10 is also undergoing trials for topical treatment of dermatitis and psoriasis.
In a recent interview, Dr. Craig Dees, PhD, CEO of Provectus, expressed his enthusiasm for the company’s transition into a much larger trading platform: Listing on the NYSE MKT is a huge milestone for Provectus Biopharmaceuticals, and I take a great deal of personal satisfaction from this news. I believe that this will enhance our shareholder value as well as broaden our shareholder base and heighten our corporate profile in the capital markets”.
For the past five years, (PVCT) has been hovering around the $1.00 mark in a rather stable fashion compared with other penny stocks. It wasn’t until December of last year that the company finally crossed the $2.00 level, when rumors of the transition and successful drug tests began circulating through social media.
We will have to wait and see, but $2.00 could prove to be the new resistance level for (PVCT) as it traded at the $2.65 level in Wednesday’s trading.
The recent positive drug trials along with transitioning to a larger exchange are unarguably a major step towards an increase in share price. Not to mention the market size Provectus is exposed to. Some statistics project the market for liver cancer drugs to exceed $2 billion by 2015. According to Global Data, melanoma therapeutics market could grow to $1.4 billion by 2017.
Provectus Biopharmaceuticals, Inc. are clearly playing an important role in today’s demand for cancer treatment drugs. Having its shares placed in the big arena such as the NYSE MKT is a crucial transition for the company, its shareholders, and interested investors alike. Due to world-class NYSE trading systems, listed companies usually benefit from an increase in brand visibility, improved prices, as well as added liquidity. All important factors which can attract investors looking to be the first ones breaking into a promising name.