Provectus Biopharmaceuticals (OTCMKTS:PVCT), on September 21, 2022, announced about entering into an option agreement with the University of Miami (UM) for an exclusive worldwide license of intellectual property developed by the Ophthalmic Biophysics Center (OBC) of Bascom Palmer Eye Institute (BPEI), part of the UM Health System.
On Wednesday, PVCT stock moved up 4.25% to $0.0540 with more than 506.72K shares, compared to its average volume of 177.09K shares. The stock moved within a range of $0.0520 – 0.0550 after opening trade at $0.0520.
Provectus Biopharmaceuticals Announces Exclusive License Option Agreement with Ophthalmic Biophysics Center of Bascom Palmer Eye Institute at University of Miami for Treatment of Eye Infections
Established in 1970 by BPEI founding director Edward W.D. Norton, MD and Jean-Marie Parel, IngETS-G, PhD, FARVO, OBC performs translational eye care research in all areas of ophthalmology, from the retina and vitreous to the cornea, glaucoma, cataracts, neuro-ophthalmology, and ocular oncology. OBC has developed more than 350 surgical instruments and clinical devices to date.
The agreement, mentioned above, is for using OBC’s photodynamic antimicrobial therapy (PDAT) medical device in combination with Provectus’ proprietary pharmaceutical-grade rose Bengal. It will be for treating bacterial, fungal, and viral infections of the eye. A sponsored research program has also been initiated with OBC to investigate Provectus’ rose bengal for the treatment of infectious keratitis.
Dominic Rodrigues, Vice Chair of the Provectus’ Board of Directors said that they are elated with the collaboration with OBC director Dr. Parel, Dr. Guillermo Amescua, MD, a board-certified ophthalmologist and director of Bascom Palmer’s Ocular Surface Center, and the entire OBC team. OBC’s innovative and comprehensive work on rose bengal PDAT has shown promise in in vitro activity, which gives them hope for the treatment of infectious keratitis.
Dominic Rodrigues, Vice Chair of the Company’s Board of Directors said, “Provectus is pleased to advance its collaboration with OBC director Dr. Parel, Dr. Guillermo Amescua, MD, a board-certified ophthalmologist and director of Bascom Palmer’s Ocular Surface Center, and the entire OBC team to now include this important option-to-license step. OBC’s innovative and comprehensive work on rose bengal PDAT has, among other things, shown in vitro activity against multiple etiologies of microbial keratitis1,2,3,4,5, including drug-resistant strains3,6, established in vivo safety7, demonstrated in vitro superiority over riboflavin PDAT8,9, and achieved clinical proof-of-concept for the treatment of infectious keratitis10,11.”
PVCT stock is below the 20-Day and 50-Day Moving averages of $0.0524 and $0.0551 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0595. The company has a total market capitalization of $22.62 million.