GT Biopharma (OTCQB: GTBP) announced on January 23, 2018 that it entered into definitive agreements for a private placement of convertible notes and warrants for total gross proceeds of $7,055,000. The unsecured convertible notes have a face amount of $7,760,508, an initial conversion price of $4.58 and are due July 2018. Additionally, investors also received warrants to purchase approximately 1,694,440 shares of the company’s common stock at an initial exercise price of $4.58 per share. GT Biopharma intends to use its proceeds from the private placement toward advancing its immuno-oncology programs, progressing its neurology pipeline and for general corporate purposes.
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About GT Biopharma, Inc.
GT Biopharma, Inc. is an immuno-oncology biotechnology company focused on innovative treatments based on the company’s proprietary Tri and Tetra-specific Natural Killer Cell Engagers (TriKEs™ and TetraKEs) and bispecific antibody-drug conjugate (ADC) platforms. GT’s most advanced oncology drug candidate, OXS-1550 (DT2219) is a novel bispecific scFv recombinant fusion protein-drug conjugate composed of the variable regions of the heavy and light chains of anti-CD19 and anti-CD22 antibodies and a modified form of diphtheria toxin as its cytotoxic drug payload. OXS-1550 has demonstrated success in early human clinical trials in patients with relapsed/refractory B-cell lymphoma or leukemia. In addition, GT’s TriKE platform will address a number of cancer types. GT’s nervous system platform is focused on acquiring or discovering and patenting late-stage, de-risked, and close-to-market improved treatments for nervous system diseases (Neurology and Pain) and shepherding them through the approval process to the NDA. GT Biopharma’s neurology products currently include PainBrake, as well as treatments for the symptoms of myasthenia gravis, and motion sickness. For more information, visit the company’s website at www.GTBioPharma.com.
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