Provectus Pharmaceuticals (PVCT) Continues to Look Strong Heading into ASCO Conference
Provectus Pharmaceuticals, Inc. (PVCT), which is developing a cancer treatment drug in the same industry as companies like Genta Incorporated (GETA) and Dendreon Corporation (DNDN), continues to look strong into 2010 ahead of some key clinical trial results.
Provectus Pharmaceuticals, Inc. (PVCT), a pharmaceutical company focused on the development of cancer and psoriasis treatments based on the Rose Bengal compound, has rallied more than 60% since the beginning of 2010, as it continues to develop its promising drug portfolio.
Rose Bengal is a red dye that was previously used to test for corneal scratches because it is preferentially absorbed by damaged cells. Provectus found that a highly specialized version of this dye is also absorbed in irregular or damaged cancerous cells.
As the cancerous cells continue to take in more and more PV-10, they begin to rupture and eventually go into cell necrosis (death). The entire process also occurs without any radiation, which gives the treatment a substantial edge over existing treatments with side-effects.
Earlier this year, Provectus announced that the results from its Phase II PV-10 study in melanoma would be unveiled at this year’s ASCO meeting on June 6-7, 2010. Many investors are confident that the results will be similar to those seen during its previous interim analysis.
The American Society of Clinical Oncology (ASCO) meeting is widely recognized as one of the most important events of the year for companies conducting cancer research. The meeting houses thousands of oncology field practitioners, as well as several companies posting trial results.
On April 29, 2010, Provectus also announced that it held an end-of-Phase II meeting with the U.S. Food and Drug Administration to seek consensus on the scope and endpoints for its clinical program for licensure of PV-10 for metastatic melanoma.
Based on the results of the meeting, the company expects to hold a second end-of-Phase II meeting in the coming months to finalize the design of a pivotal Phase III randomized controlled study suitable for Special Protocol Assessment, but the door could still be open for an accelerated approval, according to Dr. Dees, CEO of Provectus.
In the end, Provectus has a number of near-term catalysts that make the stock both a compelling short-term play and long-term holding.
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