Is There A Buy Thesis For Provectus Biopharmaceuticals Inc (OTCMKTS:PVCT)?

Provectus Biopharmaceuticals Inc (OTCMKTS:PVCT) just ran up from $0.019 to $0.026 across a session, logging gains of close to 40%. The gains come on the back of – at first glance, at least – an announcement relating to the appointing of two fresh names as so-called Special Advisors to the company's Board of Directors.There's a lot going on behind the scenes here, however, and the announcement is all that's really playing into sentiment. Provectus has been a really tough stock to hold for the last twelve months, and shareholders have gradually become increasingly disgruntled as to what management is doing with their cash. A conference call early this month looked set to ease some of this disgruntlement, but we sat in on the event, and it only served to compound negative shareholder sentiment.By way of a brief introduction to the company, Provectus is a biotech entity that is trying to get a lead asset, called PV-10, approved in a melanoma indication. The drug is basically a reformulation of a very old (we're talking 100 years here) active compound, but it's never been applied to melanoma before, and it looks promising. Data to data has been supportive of efficacy, and there's plenty to suggest that PV-10 could be a real winner if it hits the shelves.That's a big if, however. This is a classic example of the concept of effective science winning the day falling on its face. Management has been so incompetent, that even with a drug like this one, that looks to be a sure thing from a scientific perspective, Provectus has done nothing but deteriorate in value.At the end of last year, we covered the stock, having just sat in an another conference call that was set up to address some capital structure proposals. We won't go in to them here, as we did in quite a lot of detail in the piece in question (readers can get caught up on the situation here), but suffice to say, the call was a heated affair, and management was taken to task for its ineptitude.Since that call, the interim CEO, Culpepper, who was the focus of much shareholder dissatisfaction, has been dumped for some expense related misgivings, and the company's President, Timothy Scott, has taken the helm as interim CEO.With a CEO out, and the chance for something of a fresh start, many shareholders hoped that the call earlier this month would be one of those calls where a company lays its cards on the table. These types of calls can be tough calls, but shareholders appreciate honesty in a situation like this, and we think holders would have been happy shouldering some negative facts if they came alongside a plan for recovery.It wasn’t that type of call.Management basically read from a script for the entire call, answered a couple of questions that were of no real importance or offered no real insight, and that was it.Shareholder sentiment is at an all time low. So what's our point here? Well, we think that there may be some value in a speculative exposure at this point. Similarly, for current shareholders, we think there's value in holding out before jumping ship.Why?Because the new advisors are seemingly in place to get this company restructured to a point that it can carry forward into a phase III data release for its melanoma asset. As we said last time, it needs to get to this point before it can score a partnership or buyout, which we see as the only real exit option. A $2.5 million loan from the company's CTO was also announced alongside the SA Board announcement, and while there was no use of proceeds statement, there's a chance this could be used to hire a new CEO.Get a new CEO, get the data out there (yes, it's probably going to necessitate a raise, and this means more near term pressure, but there's no other option on the table) and get a bigger name to take on PV-10. Take the upfront dollars from the deal, and rebuild from there.It's a long shot, but it's a possibility, and one that might well warrant a speculative exposure.We will be updating our subscribers as soon as we know more. For the latest updates on PVCT, sign up below!Disclosure: We have no position in PVCT and have not been compensated for this article.