KNOXVILLE, Tenn.--(BUSINESS WIRE)--Provectus Biopharmaceuticals, Inc. (OTCQB:PVCT) (http://www.pvct.com), a development-stage oncology and dermatology biopharmaceutical company, announced today that it has entered into an advisory agreement with China’s Tririver Capital to help identify distribution and joint venture partners for the Company's novel oncology drug PV-10 in China, as well as other therapeutics that Provectus is developing.
The Tririver agreement is intended to provide further reach into China for PVCT as it seeks partnering opportunities with pharmaceutical companies. The new agreement will further bolster the current initiatives by Provectus in conjunction with existing advisory groups to develop partnering opportunities in various countries in Asia including China, India and Japan, where the Company has held numerous detailed discussions with pharmaceutical companies over the last year.
Provectus believes significant opportunities exist for PV-10 and PH-10 in Asia including those for its lead melanoma indication, as well as for liver cancer treatment and other oncology and dermatology treatments. As an example, nearly 55% of world-wide cases of liver cancer occur in China each year and there is a tremendous unmet medical need.
Craig Dees, PhD, CEO of Provectus, said, “Provectus is very hopeful about the potential of PV-10 in treating cancer in China. A new WHO report based on 2012 data says that China has 3.07 million newly diagnosed cases, 21.8% of the global total. It also had 2.2 million cancer deaths, 26.9% of the world's total cancer deaths. We believe we have a moral duty to bring our technology to the Chinese market as quickly as possible.
“Because of the way China’s commercial code and legal system work, it is incumbent on us to secure a local partner, and we must be very certain that we have selected the right partner. That is where the expertise of Tririver comes in. They are the leading Chinese investment bank specializing in the bio & healthcare sector, and as such, they have the requisite knowledge and skills to make Provectus’ venture in China successful. We believe Tririver will provide strong support for assisting us in meeting our partnership goals in China.”
Charles Yang, CEO of Tririver Capital, said, “Tririver anticipates great success for Provectus in China, and we will work diligently to arrange the best possible partnership for Provectus. We are excited to be part of the efforts to introduce Provectus into the Chinese market.”
Under the terms of the agreement, Tririver will: create a target list; assist in contacting potential partners; assist in soliciting formal indications of interest from potential partners; and assist in negotiations with potential partners. The purpose of any such negotiations would be to license PV-10 for use in China with the possibility of bringing other treatments to China.
Dr. Dees concluded, “In 2013, Provectus also signed a number of non-disclosure agreements with several large Asian pharmaceutical companies. They have not only been visiting our data room but they have also met with our management team both in Asia and in the US. Our arrangement with Tririver is the first of many more we anticipate will result from these contacts.”
About Tririver Capital
Tririver Capital is a leading investment banking firm in China dedicated to bio & healthcare sector. Founded in 2008 and headquartered in Shanghai, China, the firm is committed to meeting the diverse and changing needs of its clients by providing a full array of innovative and customized financial solutions. Its services include angel investments, private fund-raisings, mergers & acquisitions and partnerships and licensing.
About Provectus Biopharmaceuticals, Inc.
Provectus Biopharmaceuticals specializes in developing oncology and dermatology therapies. Its novel oncology drug PV-10 is designed to selectively target and destroy cancer cells without harming surrounding healthy tissue, significantly reducing potential for systemic side effects. Its oncology focus is on melanoma, breast cancer and cancers of the liver. The Company has received orphan drug designations from the FDA for its melanoma and hepatocellular carcinoma indications. Its dermatological drug PH-10 also targets abnormal or diseased cells, with the current focus on psoriasis and atopic dermatitis. Provectus has recently completed Phase 2 trials of PV-10 as a therapy for metastatic melanoma, and of PH-10 as a topical treatment for atopic dermatitis and psoriasis. Information about these and the Company's other clinical trials can be found at the NIH registry, www.clinicaltrials.gov. For additional information about Provectus please visit the Company's website at www.pvct.com or contact Porter, LeVay & Rose, Inc.
FORWARD-LOOKING STATEMENTS: The forward-looking statements contained herein are subject to certain risks and uncertainties that could cause actual results to differ materially from those reflected in the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's analysis only as of the date hereof. The company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date thereof.