BEVERLY HILLS, Calif.,
July 28, 2021 /PRNewswire/ -- GT
Biopharma, Inc. (NASDAQ: GTBP), an immuno-oncology company focused
on innovative therapies based on the Company's proprietary NK cell
engager (TriKE™) technology platform is pleased to announce the
company has raised over $16 million
in proceeds from the exercise of warrants. The warrants were issued
as part of the $27 million financing
that closed in February 2021.
The warrant exercise proceeds along with the funds raised when
GT Biopharma up listed to the Nasdaq stock exchange puts the
company on solid financial ground to accelerate development of
GTBP's drug candidate pipeline. The robust pipeline includes
GTB-4550 for lung, lymphoma and other cancers, GTB-5550 for ovarian
and prostate cancer, and GTB-6550 for breast and gastric cancer
among other drug candidates.
GT Biopharma's first drug candidate GTB-3550 TriKE™ monotherapy
is currently in FDA Phase 1 Clinical Trial. The Phase 1 trial is
focused on evaluating safety, the determination of the Phase 2
dose, dose schedule and the maximum tolerated dose. 12 patients
have completed treatment in the Phase 1 trial. The Phase 1 safety
part of the study is expected to conclude in August 2021 with data publication currently
scheduled for September 2021.
Mr. Anthony Cataldo, the Chairman
and Chief Executive Officer of GT Biopharma commented "The
confidence shown to us by our investors has put GT Biopharma in the
financial position to continue our drug development program for the
next two years and beyond. We have approximately $40 million in our treasury and we are ready to
execute on our plan to bring real, positive change to cancer
patients around the world. Our initial drug candidate GTB-3550 is
achieving phenomenal results in its FDA clinical trial and we are
looking forward to bringing additional drug candidates into trials
very soon."
About GT Biopharma, Inc.
GT Biopharma, Inc. is a clinical stage biopharmaceutical company
focused on the development and commercialization of immuno-oncology
therapeutic products based our proprietary TriKE™ NK cell engager
platform. Our TriKE™ platform is designed to harness and
enhance the cancer killing abilities of a patient's immune system
natural killer cells (NK cells). GT Biopharma has an
exclusive worldwide license agreement with the University of Minnesota to further develop and
commercialize therapies using TriKE™ technology. For more
information, please visit www.gtbiopharma.com.
Forward-Looking Statements
This press release contains certain forward-looking statements
that involve risks, uncertainties and assumptions that are
difficult to predict, including statements regarding the potential
acquisition, the likelihood of closing the potential transaction,
our clinical focus, and our current and proposed trials.
Words and expressions reflecting optimism, satisfaction or
disappointment with current prospects, as well as words such as
"believes", "hopes", "intends", "estimates", "expects", "projects",
"plans", "anticipates" and variations thereof, or the use of future
tense, identify forward-looking statements, but their absence does
not mean that a statement is not forward-looking. Our
forward-looking statements are not a guarantee of performance, and
actual results could differ materially from those contained in or
expressed by such statements. In evaluating all such
statements, we urge you to specifically consider the various risk
factors identified in our Form 10-K for the fiscal year ended
December 31, 2020 in the section titled "Risk Factors" in Part
I, Item 1A and in our subsequent Form 10Q Quarterly filings with
the Securities and Exchange Commission, any of which could cause
actual results to differ materially from those indicated by our
forward-looking statements.
Our forward-looking statements reflect our current views with
respect to future events and are based on currently available
financial, economic, scientific, and competitive data and
information on current business plans. You should not place
undue reliance on our forward-looking statements, which are subject
to risks and uncertainties relating to, among other things:
(i) the sufficiency of our cash position and our ongoing
ability to raise additional capital to fund our operations,
(ii) our ability to complete our contemplated clinical trials,
or to meet the FDA's requirements with respect to safety and
efficacy, (iii) our ability to identify patients to enroll in our
clinical trials in a timely fashion, (iv) our ability to
achieve approval of a marketable product, (v) design,
implementation and conduct of clinical trials, (vii) the
results of our clinical trials, including the possibility of
unfavorable clinical trial results, (vii) the market for, and
marketability of, any product that is approved, (viii) the
existence or development of treatments that are viewed by medical
professionals or patients as superior to our products,
(ix) regulatory initiatives, compliance with governmental
regulations and the regulatory approval process, and social
conditions, and (x) various other matters, many of which are
beyond our control. Should one or more of these risks or
uncertainties develop, or should underlying assumptions prove to be
incorrect, actual results may vary materially and adversely from
those anticipated, believed, estimated, or otherwise indicated by
our forward-looking statements.
We intend that all forward-looking statements made in this press
release will be subject to the safe harbor protection of the
federal securities laws pursuant to Section 27A of the
Securities Act, to the extent applicable. Except as required
by law, we do not undertake any responsibility to update these
forward-looking statements to take into account events or
circumstances that occur after the date of this press
release. Additionally, we do not undertake any responsibility
to update you on the occurrence of any unanticipated events which
may cause actual results to differ from those expressed or implied
by these forward-looking statements.
Contact:
Institutional Investors:
Brendan Payne
Stern Investor Relations, Inc.
brendan.payne@sternir.com
212-362-1200
Investor & Media Relations:
David Castaneda
David@gtbiopharma.com
414-351-9758
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SOURCE GT Biopharma, Inc.