BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed in the United States District Court for the Middle District of Tennessee on behalf of all purchasers of the securities of Provectus Biopharmaceuticals, Inc. (“Provectus” or the “Company”) (NYSE:PVCT) between December 17, 2013 and May 22, 2014, inclusive (the “Class Period”).
Provectus is a development-stage biopharmaceutical company engaged in developing pharmaceuticals for oncology and dermatology indications. The Company’s product line includes PV-10, which has completed a Phase II study for metastatic melanoma and a Phase I study for breast cancer, and is in various stages of clinical development for certain other cancer indications. The Complaint alleges that defendants misrepresented and/or failed to disclose material adverse facts concerning the status of PV-10 and preparations for a Phase III study of the drug.
On May 23, 2014, the Company announced that its application for a designation of PV-10 as “Breakthrough Therapy” was denied by the Food and Drug Administration. According to the Company, the FDA denied the designation because the agency’s review indicated that “the data upon which the Company based its request for designation of PV-10 as a Breakthrough Therapy for the treatment of patients with locally advanced cutaneous melanoma was insufficient to demonstrate substantial improvement over existing therapies.”
If you are a member of the Class described above, you have until July 28, 2014, to move the Court to serve as lead plaintiff, if you meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to email@example.com, or visit our website at http://www.howardsmithlaw.com.