Provectus Biopharmaceuticals, Inc. announced the entry into definitive agreements related to the previously announced Definitive Financing Commitment Term Sheet it entered into on March 19, 2017 with a group of the company's stockholders referred in the Definitive Financing as the "PRH Group."

The company announced that Bruce Horowitz and Dominic Rodrigues were appointed as new Board members, and Mr. Rodrigues was elected as new Board Chairman. Eric Wachter, Ph.D. and Jan Koe will remain as Board members. The Board decreased the number of directors from five to four and will operate with four directors until such time as the third PRH Group-nominated director is appointed in accordance with the Definitive Financing. Three former members of Provectus' board of directors, Kelly McMasters, M.D., Tim Scott, Ph.D., and Alfred E. Smith IV, resigned upon the PRH Group's funding into escrow of its first financing tranche of $2.5 million and upon the draw-down by Provectus of the remainder of the $2.5 million investment commitment from Dr. Wachter, co-founder and Chief Technology Officer.