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  • Lincoln Park Capital Fund, LLC Invests $1 Million in Provectus Pharmaceuticals

    December 30th, 2010 6 comments

    Based in Knoxville Tennessee, Provectus Pharmaceuticals is a company that is developing oncological and dermatological biopharmaceuticals. On December 23, 2010, Provectus has announced that it has entered into a purchase agreement with Chicago-based Lincoln Park Capital Fund, LLC. for a $1 million investment at a premium to the current markets. Lincoln Park has also committed to invest $30 million in equity capital in this promising pharmaceutical company.

    As part of the agreement, Lincoln Park Capital has also purchased one million shares in the company. Each share purchased is worth $1.00 and the company and is also committed to purchase another 500,000 shares in Provectus for an additional $1.50 each..

    As mentioned above, Provectus’s primary specialty is in developing biopharmaceutical drugs to treat cancer and dermatological ailments and disorders. Currently, Provectus is developing oncological biopharmaceuticals that it advertises on its website as “opening a new front in the war against cancer.” The latest oncology drug that Provectus is developing is the PV-10, which is designed to target the cancer cells in a tumor or other cancerous growth without destroying any of the healthy tissues that are nearby the cancer. This in effect will drastically reduce the number of side affects that most cancer sufferers suffer when they undergo chemotherapy. Some of the oncological focuses that Provectus’s drugs will primarily deal with skin cancers, such as melanoma, as well as other more common cancers, such as breast cancer and metastatic cancers of the liver. On the dermatological front, Provectus is developing a new drug, PH-10, which is supposed to target atopical dermatitis and psoriasis.

    According to the CEO of Provectus, Dr. Craig Dees, PhD., the people at Provectus Pharmaceuticals are very pleased with the signing of the purchase agreement with Lincoln Park Capital. Dr. Dees further stated that with this purchase agreement, the company will now have more funds to work with in furthering the clinical studies of both the PV-10 and PH-10 drugs and eventually bringing these drugs up for approval to the FDA.

    Some of the other achievements that Provectus can boast of include the arrival of a Slovenian woman who came to St. Luke’s Hospital in Bethlehem, Pennsylvania. As stated on the company’s website, Ms. Madja Rauh, who is a melanoma patient from Ljubljana, Slovenia, has come to St. Luke’s Hospital to take part of Provectus’s compassion program and be a part of the test of the PV-10 drug in treating this type of cancer.

    Lincoln Park Capital Fund, LLC , is a Chicago-based private equity firm that has many experienced investment professionals who have experience in the life sciences, energy, and tech industries. Some other companies in Lincoln Park’s portfolio include many different privately and publicly owned companies. Investment criteria include for a prospective company to be able to have strong barriers of entry and niche positions in emerging markets, have products that have the potential to be the top of the class. See the above link to find out more. Investments for private companies typically range from $250,000 to $3 million and for publicly owned companies $1 million to $50 million.

 

6 responses to “Lincoln Park Capital Fund, LLC Invests $1 Million in Provectus Pharmaceuticals” RSS icon

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