Provectus Biopharmaceuticals, Inc., a Delaware-based company specializing in biopharmaceuticals, made a significant move according to the 8-K SEC filing dated December 20, 2024. The filing disclosed that Provectus Biopharmaceuticals entered into an Assignment and Assumption Agreement with its majority-owned subsidiary, VisiRose, Inc., focused on the development and commercialization of pharmaceutical-grade active pharmaceutical ingredient rose bengal sodium for ophthalmology treatments.
This action stemmed from Provectus Biopharmaceuticals’ exclusive license agreement with the University of Miami concerning the development and commercialization of the University’s intellectual property associated with photodynamic antimicrobial therapy in ophthalmology, forged on March 21, 2024. The transfer of specific assets to VisiRose was greenlit by Provectus Biopharmaceuticals’ Board of Directors on December 5, 2024.
Under Item 9.01 of the filing, the inclusion of financial statements and exhibits is highlighted. Exhibit 10.1, delineating the Assignment and Assumption Agreement, and a Cover Page Interactive Data File, integrated within the Inline XBRL document, are presented for reference.
In finality, the document was duly signed by Heather Raines, the Chief Financial Officer of Provectus Biopharmaceuticals, on behalf of the registrant, to comply with the requisites of the Securities Exchange Act of 1934. The report was finalized on December 26, 2024, solidifying the formalities surrounding this crucial agreement within Provectus Biopharmaceuticals’ realm.
It denotes a strategic shift for Provectus Biopharmaceuticals, emphasizing its commitment to advancing pharmaceutical solutions in the domain of ophthalmology through this collaborative venture with VisiRose Inc.
This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Provectus Biopharmaceuticals’s 8K filing here.
About Provectus Biopharmaceuticals
Provectus Biopharmaceuticals, Inc, a clinical-stage biotechnology company, engages in developing immunotherapy medicines based on halogenated xanthenes in the United States. The company's lead molecule is rose bengal sodium (RBS). Its clinical development programs include PV-10 for the treatment of stage III and IV melanoma and different types of liver cancers; PH-10 for the treatment of psoriasis and atopic dermatitis, and skin inflammation; and PV-305 for the treatment of infectious keratitis.
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