November 25, 2011


One of the primary challenges (one that I believe borders on frustration) that many serious and nearly all casual investors have had and still have with Provectus is the paucity of information the company historically has made available:
  • Clinical data typically introduced by PIs at medical and/or scientific conferences;
  • The company irregularly uses press releases to distribute such data in a deeply quantitative manner;
  • Rather, press releases are used to qualitatively note achievements;
  • Management uses investor conferences and conferences at which the principals speak to introduce important achievements or insights; however, management typically is very circumspect in what they say. Press releases related to these events typically do not elaborate on these insights; and,
  • The company has not promoted its efforts to the news media. Rather, Provectus has eschewed such awareness, enabling the success of rose bengal with patients and the excitement of PIs to be highlighted by the media; and
  • Press or information releases tend to be fairly well lawyered. Only occasionally do they contain key revelations.
Management's style is typical of a team focused on the end-game, rather than the waypoints. And with their current sole focus on the FDA and big pharma, where management is directly discussing a variety of matters with officials and executives, respectively, Provectus does not see the need to inform the market (and thus, shareholders) of every step along the way. The way to understand what is going on is to directly engage management.

I don't see Craig Dees, Tim Scott, Eric Wachter and Peter Culpepper changing their approach anytime soon. They could've if they would've, but they haven't so they won't. Frustrations will continue to mount until the inevitable end-game plays itself out. The subsequent share price rise will blunt criticism. Unfortunately for too many investors -- those who have not done their due diligence and homework, those who have not built up a robust rapport with management, those who are not intellectually curious, those who have misread the risk-reward profile of this opportunity -- their ultimate return on investment will be far lower than it easily could have been.

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