Shares of Provectus Biopharmaceuticals Inc (OTCMKTS:PVCT), which traded on the NYSE MKT until Friday, October 14, have now been relegated to the OTC Pink.
The shares closed Friday at $0.04, down 30.19%, with 5.84 million traded.
The company said October 15 that it had been notified of the delisting by a letter dated October 13 from NYSE Regulation stating that trading in its shares and warrants stood suspended immediately following the “abnormally low” trading price of the common stock.
Provectus Biopharmaceuticals Inc (OTCMKTS:PVCT) oncology pipeline
Regardless of delisting, which the company will likely appeal, the company will continue its development of a pipeline of therapies for the treatment of skin, liver and breast cancers.
These include investigational oncology drug, PV-10, an ablative immunotherapy under investigation in solid tumor cancers, and PH-10, its topical investigational drug for dermatology, undergoing clinical testing for psoriasis and atopic dermatitis.
In fact, it announced last week that it presented a poster at the European Society of Medical Oncology 2016 Congress on October 9, 2016 titled “Intralesional Rose Bengal for Stage III and IV Melanoma.”
“The annual ESMO congress has grown to be one of the largest and most important oncology meetings of the year, and we were privileged with selection for participation in the technical program,” said Dr. Eric Wachter, Ph.D., Chief Technology Officer of Provectus.
Provectus Biopharmaceuticals Inc (OTCMKTS:PVCT) to reverse split
Anticipating the delisting, Provectus had already initiated steps for a reverse stock split, subject to approvals by the shareholders and the board of directors.
“The reverse stock split, if approved by stockholders and effectuated by the Company’s board of directors, will combine each 10 to 50 shares of common stock (with the exact ratio to be determined in the sole discretion of the Company’s board of directors) into one new share of common stock, and will increase the price of the Company’s common stock accordingly,” the company said.
In any case, Provectus stock and warrants are already trading on the OTC Pink effective Friday 14, according to the company.
With effect from Monday, October 17, the company anticipates that Provectus will also trade on the OTC QB under the same PVCT symbol.