Provectus Biopharmaceuticals Appoints New Chief Medical Officer

TL;DR

Provectus Bio (PVCT) just hired a new CMO, Dr. Craig M. Bial, to boost their cancer drug pipeline.

AI Summary

On March 25, 2024, Provectus Biopharmaceuticals, Inc. announced the appointment of Dr. Craig M. Bial as Chief Medical Officer. Dr. Bial brings extensive experience in oncology drug development and clinical trials. This appointment is part of the company's ongoing efforts to advance its oncology pipeline.

Why It Matters

The appointment of a new Chief Medical Officer with oncology expertise signals a strategic focus on advancing the company's drug development pipeline, potentially impacting future clinical trial success and regulatory approvals.

Risk Assessment

Risk Level: medium — The appointment of a new executive is a significant change that could impact the company's strategic direction and operational execution, carrying inherent risks.

Key Players & Entities

• Provectus Biopharmaceuticals, Inc. (company) — Registrant
• Dr. Craig M. Bial (person) — Appointed Chief Medical Officer
• March 25, 2024 (date) — Date of earliest event reported

FAQ

Key Financial Figures

• $977,000 — had requested that the Company pay him $977,000, representing $508,000 for amounts owed
• $508,000 — Company pay him $977,000, representing $508,000 for amounts owed under the Independent
• $469,000 — 8, 2019 (the "Horowitz Agreement"), and $469,000 for accrued director fees. On March 25,
• $250,000 — pay Mr. Horowitz an initial payment of $250,000 within two business days of the Termina
• $258,000 — counted second payment in the amount of $258,000 so long as it is paid prior to June 30,
• $500,000 — ich the amount of the second payment is $500,000. Pursuant to the Termination Agreement,
• $20,000 — ch services, Mr. Rodrigues will be paid $20,000 per calendar month. The Company will re

Filing Documents

• form8-k.htm (8-K) — 48KB
• ex10-1.htm (EX-10.1) — 57KB
• ex10-2.htm (EX-10.2) — 34KB
• 0001493152-24-011327.txt ( ) — 329KB
• pvct-20240325.xsd (EX-101.SCH) — 3KB
• pvct-20240325_lab.xml (EX-101.LAB) — 33KB
• pvct-20240325_pre.xml (EX-101.PRE) — 22KB
• form8-k_htm.xml (XML) — 3KB

From the Filing

UNITED SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): March 25, 2024 PROVECTUS BIOPHARMACEUTICALS, INC. (Exact name of registrant as specified in charter) Delaware 001-36457 90-0031917 (State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification No.) 800 S. Gay Street , Suite 1610 , Knoxville , TN 37929 (Address of Principal Executive Offices) (Zip Code) (866) 594-5999 (Registrant's Telephone Number, Including Area Code) N/A (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions ( see General Instruction A.2. below): Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered None N/A N/A Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (240.12b-2 of this chapter). Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. Bruce Horowitz – Resignation and Termination Agreement On March 25, 2024, Bruce Horowitz resigned from the Board of Directors (the "Board") of Provectus Biopharmaceuticals, Inc. (the "Company") and as the Company's Chief Operating Officer. At the time of his resignation, Mr. Horowitz served on the Company's Audit Committee, Compensation Committee, and Nominating Committee. Mr. Horowitz, through counsel, had requested that the Company pay him $977,000, representing $508,000 for amounts owed under the Independent Contractor Agreement, dated as of April 19, 2017, by and between Mr. Horowitz and the Company, as amended by Amendment No. 1, dated as of May 9, 2017, and Amendment No. 2, dated as of May 8, 2019 (the "Horowitz Agreement"), and $469,000 for accrued director fees. On March 25, 2024, the Company and Mr. Horowitz entered into an Independent Contractor and Director Fee Termination Agreement and Release (the "Termination Agreement") to resolve Mr. Horowitz's claims and terminate the Horowitz Agreement. The Termination Agreement provides for the Company to pay Mr. Horowitz an initial payment of $250,000 within two business days of the Termination Agreement and a discounted second payment in the amount of $258,000 so long as it is paid prior to June 30, 2024, after which the amount of the second payment is $500,000. Pursuant to the Termination Agreement, Mr. Horowitz resigned from the Board and as Chief Operating Officer of the Company and from any other officer and director positions held with the Company or any of its Australian-related entities or subsidiaries. The Company agreed to continue Mr. Horowitz's directors and officers (D&O) liability insurance coverage for a period of two years at the Company's expense. Under the Termination Agreement, Mr. Horowitz reaffirmed the confidentiality, customer non-solicitation, and employee non-solicitation provisions in the Horowitz Agreement. The Termination Agreement also contained a mutual release, a mutual non-disparagement provision, and a standstill provision pursuant to which Mr. Horowitz agreed not to take certain actions with respect to the Company's securities for five years. The foregoing description of the Termination Agreement does not purport to be complete and is qualified in its entirety by reference to the Termination Agreement, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K. Dominic Rodrigues – Appointment and Independent Contractor Agreement On March 25, 2024, the Board retained Dominic Rodrigues as the Company's chief operations consultant. In this role, Mr. Rodrigues will serve as the Company's principal executive officer. Mr. Rodrigues, 55, has served as a member of the Board since 2017, its non-executive Vice Chairman since 2018, and previously as non-executive C

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