GT Biopharma Inc. - GTBP STOCK NEWS

GT Biopharma, Inc. (NASDAQ: GTBP) reported its fourth quarter and full-year 2022 results, revealing a net loss of $5.6 million in Q4, down from $18.0 million the previous year. Total cash and equivalents as of December 31, 2022, were $16.5 million, bolstered by a $6.5 million direct offering completed in early January 2023. The company has successfully reduced research and development expenses to $2.8 million in Q4 2022, significantly down from $6.7 million a year earlier. With current cash resources and cost-cutting measures, GT Biopharma anticipates funding operations into Q2 2024, aiming for IND clearance for lead asset GTB-3650 in the first half of 2023.

GT Biopharma, Inc. (NASDAQ: GTBP) announced a presentation by Dr. Jeffrey Miller, its Consulting Chief Medical Officer, at the H.C. Wainwright Cell Therapy Virtual Conference on February 28, 2023. The presentation will offer a corporate overview of GTBP’s innovative therapeutics based on their proprietary TriKE® NK cell engager platform, designed to enhance natural killer cell functionality in cancer treatment.

Dr. Miller's presentation is scheduled from 9:00 - 9:20 am ET, and the company will also hold 1x1 meetings during the event. Interested parties can register for the webcast here.

GT Biopharma (NASDAQ: GTBP) announced key advancements in its open letter to shareholders, underscoring progress in developing its TriKE® platform targeting cancers. The company is prioritizing its lead candidate, GTB-3650, having signed an agreement with Cytovance Biologics to expedite its IND submission expected in H1 2023. Moreover, GTB-5550 for solid tumors is also in development. The company remains well-capitalized, with cash to sustain operations through 2023, and recently appointed Dr. Jeff Miller as Consulting Chief Medical Officer. Additional presentations at major oncology meetings indicate ongoing engagement with the scientific community.

GT Biopharma has entered into a definitive securities purchase agreement for a registered direct offering of 6,500,000 shares and warrants, priced at $1.00 each. The total gross proceeds are expected to be $6.5 million, to be used for general corporate purposes. The offering is managed by H.C. Wainwright & Co. and is anticipated to close around January 4, 2023. The warrants have a five-year term and can be exercised starting six months after issuance. This offering leverages a previously filed shelf registration statement with the SEC.