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Provectus fires COO/interim CEO for misconduct

Provectus Biopharmaceuticals Inc. COO and interim CEO Peter Culpepper was fired after a special committee of the company's board found the executive to be improperly reimbursing expenses to himself.

Provectus President Timothy Scott will now perform CEO duties on an interim basis, while Eric Wachter will continue as the company's chief technology officer. John Glass will also continue as Provectus' interim CFO.

Earlier this year, the company found that its co-founder and former chairman and CEO, H. Craig Dees, had committed financial misconduct.

"Dr. Dees did not produce receipts for most of the travel expense advances he received, and some receipts produced by Dr. Dees appear to have been altered. Documentation of Dr. Dees' travel related expenses, in general, have not been sufficient to prevent abuse, misconduct, the appearance thereof, or may not satisfy IRS requirements," the company said in March, a little over two weeks after Dees resigned.

Culpepper was tapped to replace Dees as interim CEO.