Provectus cancels proposed offering of convertible preferred stock

By Rebecca Melvin

New York, Oct. 17 - Provectus Pharmaceuticals Inc. has terminated its proposed offering of series A 8% convertible preferreds because of current market conditions, according to a company news release.

The company still expects to seek additional financing of its operations, the release stated.

As previously reported, the company planned to offer the preferred shares at $4.00 per share in tandem with an offering of series D warrants.

The offerings were outlined in a supplement prospectus filed Sept. 4. Proceeds were earmarked for general corporate purposes.

Knoxville, Tenn.-based Provectus is a pharmaceuticals company focused on dermatology and oncology therapies.

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