Provectus Biopharmaceuticals Inc (OTCMKTS:PVCT) Just Took A Big Step Forward

Provectus Biopharmaceuticals Inc (OTCMKTS:PVCT) just put out a release detailing the terms of a definitive finance commitment, and has picked up some strength on the back of the release. At market close last week (Friday) Provectus shares went for $0.06 a piece; a 51% premium to the day's open.Regular readers will know that this is one we've come back to on a few occasions over the last twelve months. It's been a tough stock to hold for shareholders across the period, but we've consistently maintained that the decline in price per share is not representative of the science that underpins its operations. The last time we covered Provectus, we highlighted the fact that generally, sound science trumps bad management in the development stage biotech space, but that this is an example that flies against this generalization.Well, until just recently, that is.At the end of last year, it looked highly likely that – despite the seeming quality of the company's assets – bad management would be terminal for Provectus. The first quarter of 2017, however, has been pivotal for the company, and this terminality now looks unlikely. If this is true, there's practically no room for the company's PPS to decline further, making it a potentially rewarding bargain bin exposure at current levels.If the company is going to recover, it needs to fill the remaining board vacancies and get a CEO in place that knows what he or she is doing. Once these positions are filled, the Provectus story can once again play out from a scientific perspective, and not from one of management ineptitude.So what does the most recent communication give us by way of a suggestion that these problems are being addressed?Well, there are two announcements worth mentioning. The first came on March 20, and it details the company's turning down of an equity financing potential, and the cancellation of a rights offering that was previously set up to raise capital needed to fund pipeline development, but wasn’t getting anywhere near the attention (and in turn, wasn’t raising the capital) it needed to.The second announcement, which hit press on March 23, was essentially a follow up to the former, and it outlines the above mentioned definitive finance commitment. Basically, the company has teamed up with a number of its shareholders (the latter of which have formed what's being called the PRH Group) and come to an agreement whereby PRH will raise capital (between $10 million and $20 million) on Provectus' behalf, and provide the capital to the company across several predefined tranches. There's potential dilution associated with the distribution, but its minimized by structure, and from a shareholder perspective, that's a real bonus.There'll be $5 million hitting the balance sheet at some point within the next 30 days, and when it hits, three board members will resign and be replaced by three PRH appointed members. Another $5 million should then follow before June 1.Why is all this important?Because Provectus needed to get its affairs in order (and when we say affairs, we mean HR and cash balance) before it could start to push its pipeline forward towards commercialization or sale or both. The latest communication suggests that that it has done (or is just about to do) this, and as such, means that from here on out markets will be given the chance to look at the science alone, as opposed to look at it in the shadow of alternative concerns.Don't get us wrong – Provectus is not out of the woods yet. The company is going to have to dig its way out of the hole it's currently in, and we're not going to see a quick fix or a spike revaluation here. What we could (and should) see, however, is a long term value appreciation, and as such, the current price could be a floor from which to pick up an exposure to this appreciation.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.