Q&A from the conference held May 2012
You have joined Provectus Pharmaceutivals, Inc. (PV Chat
Lloyd Goldenberg:Good morning.
Brian Rockowitz:Good morning to you
Lloyd Goldenberg:Hi Brain.
Lloyd Goldenberg:Uh, Brian.
mike hochstat:mike hochstat hello
Jean Parodi:Hi Evyone
Joe Baff:Good afternoon everyone
Janell Karimoto:Thank you, Peter!
Ky Pham:Good presentation!
Craig Dees, Ph.D.:thank you!
Janell Karimoto:If anyone missed the PVCT presentation, all presentations will be available on-demand for 90 days, beginning at the close of today's event at 7pm ET. Please return at any time and the archived presentations will be available 24/7 in the Auditorium.
Jack McHugh:Peter mentioned that the burn rate will drop significantly this year essentially "because R&D is shutting down". My question is Why? With so much R&D work to be done to move along PV-10 in Liver, Pancreas, and in combination therapies, why would slowing or shutting down R&D be appropriate at this point?
Jerry Iverson:When my golden retriever was diagnosed with a melanoma I linked to an Australian vet clinic using rose bengal in their treatment. I noticed from one of the charts the positive response in animal studies. Do you think pv 10 can be an important veterinary tool and what are the hurdles to approval and the market for pv10.
Craig Dees, Ph.D.:Jack, we will do much more R&D when we have the cash. I said the burn rate goes down because we don't want to dilute too much.
Craig Dees, Ph.D.:Jack, so, expect the R&D to go up when we get the proceeds from the derm transaction and any oncology transaction. Sorry I (Peter) didn't make that clear enough.
Craig Dees, Ph.D.:Jack, feel free to reach out to me (Peter) with any further interest in the R&D topic. Thank you. Peter
Craig Dees, Ph.D.:Jerry, we know PV-10 has been used on many "veterinary subjects" or pets in many cases. We believe PV-10 will be used much more once it is approved in humans first. Our focus is getting PV-10 approved ASAP so then it can be used for our pets if need be. Thank you.
Jack McHugh:Thanks, Peter. What is the ongoing cost of the Moffitt studies and who is paying for it? The more work they do, the better the validation for PV-10.
Craig Dees, Ph.D.:Exactly Jack, the more the better. After the initial studies they paid for, we signed a grant to them for approx. $102K. We have paid about half of that already. Not much cost for all the work they are doing. We will likely do more grants, but this is not very expensive of course for us to manage.
Jack McHugh:Agreed -- a bargain at twice the price, as they say. What is the anticipated timeline for releasing results of the new work they are undertaking?
Craig Dees, Ph.D.:That is the question; namely, when more results will be released. We know they have more studies completed. We know they are trying to determine how much to release and when. We will let everyone know ASAP when we know. They want a "bigger splash" next time 'round, we understand.
Jack McHugh:Understood; I'm sure everyone connected with PVCT hopes for a bigger splash next time 'round, but only time will tell. Hardened investors in biotech always say "the data is the only voice I pay attention to", so the more data PVCT can give a voice to, the more investors will listen.
Craig Dees, Ph.D.:Precisely Jack. We know our final full Phase 2 melanoma data is coming this year too, along with expected publication of that and our liver and derm data, besides more immunology data. All this is helpful of course.
Jack McHugh:Agreed -- what would also be a helpful signal is management buying stock in the open market (not just exercising options). Buying one's own stock with one's own money is another voice worth listening to.
Craig Dees, Ph.D.:Yes, agreed Jack. That is why Eric and I (Peter) in particular exercise stock options. Our corporate counsel has advised us to buy stock this way versus in the open market because they believe we'll manipulate the stock by buying in the open market.
Jack McHugh:Your corporate counsel is inaccurate. Officers of public companies buy company stock in the open market every single day. Officers must simply avoid buying during certain periods of time set by the SEC.
Craig Dees, Ph.D.:Jack, it is much more problematic being on the OTCBB unfortunately. That is the problem. The open windows exist but because our buying a thinly traded stock by definition, our corporate counsel has advised against it.
Craig Dees, Ph.D.:Jack, if you have any examples of bulletin board companies where execs buy stock in the open market, please let me know. We are not aware of any. Thank you.
Jack McHugh:I'll take a look. What are the obstacles to a regular NASDAQ listing? I know a $1/share stock price is one, but what are the others?
Craig Dees, Ph.D.:Minimum bid is the only obstacle. Once we hit $3 per share we can get listed.
Jack McHugh:If PVCT hits 3, I'm sure you will be happy to wade through the paperwork...
Craig Dees, Ph.D.:No doubt about that Jack! Already have got the paperwork taken care of with our corporate counsel!
mike b:Is there a PVCT person online?
Craig Dees, Ph.D.:Yes, I'm (Peter) online for Craig.