Provectus Biopharmaceuticals, Inc. Reports First Quarter 2016 Financial Results

On May 10, 2016 Provectus Biopharmaceuticals, Inc. (NYSE MKT: PVCT, www.pvct.com), a clinical-stage oncology and dermatology biopharmaceutical company ("Provectus" or "the Company"), reported its financial results for the first quarter 2016 ended March 31, 2016 (Press release, Provectus Pharmaceuticals, MAY 10, 2016, View Source [SID:1234512317]).

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First Quarter Results and Balance Sheet Highlights

Our cash and cash equivalents were $9,760,997 at March 31, 2016, compared with $14,178,902 at December 31, 2015. The decrease of approximately $4.4 million was due primarily to the $8.0 million in cash used to fund our operating activities for the quarter offset by $3.6 million in cash received from the warrant exchange offer in the quarter ended March 31, 2016. Additional sales of common stock have been reduced since we are seeking to minimize dilution to our existing stockholders where practicable by limiting the issuance of our equity securities.

By managing variable cash expenses due to minimal fixed costs, we believe our cash and cash equivalents on hand at March 31, 2016, will be sufficient to meet our current and planned operating needs until into 2017 without consideration being given to additional cash inflows that might occur from the exercise of outstanding warrants or future sales of equity securities.

Shareholders’ equity at March 31, 2016 was $14,184,248. This compares to shareholders’ equity at December 31, 2015 of $16,316,941.

For additional information regarding Provectus’ results of operations and financial condition for the first quarter ended March 31, 2016, please see Provectus’ Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 10, 2016.