Who's Who?

Provectus has assembled a very strong cadre of directors and advisers with deep knowledge in their respective areas of expertise (in no particular order):

• Board member and adviser Dr. Kelly McMasters (oncology);
• Adviser Dr. Seth Orlow (dermatology);
• Adviser Dr. Craig Eagle (oncology); and,
• Board member Alfred Smith IV.

Management will engage a financial adviser in concert with the firm term sheet being extended to the company for the dermatology business. Not all investment bankers are equal. Years ago, one of our portfolio companies was approached by Cisco Systems to be acquired for a nice nine figure amount that would have generated a solid return on our investment. The bulge bracket firm management and the board of directors hired to represent the company ended up having a vice president lead the engagement, rather than a managing director. Why? Who knows, but shame on management and the board, who were comprised of purportedly experienced investors, for letting what eventually transpired: the vice president not only screwed up the auction process but also managed to lose the firm bid in front of us. Talk about the B-team.

A good investment banker is worth his or her weight in gold, which is like $5 million if they're on the heavy side (who knew gold was more expensive than rhodium these days). A great investment banker is worth at least several billion dollars.

Boy, do they have a doozy of a banker, who's of course not yet engaged: a board certified physician with the same specialty as my brother-in-law, an M&A adviser to big pharma on a monstrous-sized deal, experience with selling biotechnology companies for billion dollar price tags, and relationships with Provectus advisers.

If management indeed formally engages this gentleman, it should be safe to say that shareholders are in great hands.