Business
GT Biopharma Announces Closing of $23.7 Million Public Offering
Successful completion of NASDAQ uplist Financing extinguished over $25M in debt and consolidated capital structure to 20,637,000 shares issued and
About this update from Gt Biopharma, Inc.
[{"type":"text","content":"\nSuccessful completion of NASDAQ uplist\n\nFinancing extinguished over $25M in debt and consolidated capital structure to 20,637,000 shares issued and outstanding\n\nCash runway extended through 2022\n\n BEVERLY HILLS, Calif.--(BUSINESS WIRE)--\nGT Biopharma, Inc. (NASDAQ: GTBP), a clinical stage biopharmaceutical company focused on the development and commercialization of its disruptive, target-directed Natural Killer (NK) cell engager immunotherapy protein biologic platform technology: TriKE™ for cancer and infectious diseases, today announced the closing of an underwritten public offering of 4,300,000 Units. Each Unit consisted of one share of GT Biopharma’s common stock and one warrant to purchase one share of common stock at a public offering price of $5.50 per share, per Unit. In addition, the Company has granted the underwriters a 45-day over-allotment option to purchase up to an additional 645,000 Units, less underwriting discounts and commissions.\n\nGross proceeds from the offering are approximately $23.6M, before deducting underwriting discounts and commissions and offering expenses, but excluding any exercise of the underwriters’ over-allotment option. Following the offering, the Company’s cash position is approximately $30M, extending GT Biopharma’s cash runway through 2022. The transaction successfully extinguished over $25M in debt, which converted into equity, without the need to exercise a downward reset and consolidated the Company’s capital structure to 20,637,000 shares issued and outstanding.\n\nAnthony J. Cataldo, GT Biopharma’s Chairman and CEO, commented: “Completing our financing and uplisting to NASDAQ was a major milestone for us and a significant move to increase GT’s corporate reach. We have long been recognized to have a disruptive platform NK technology, TriKE™, as demonstrated with the ongoing results of our FDA-approved expanded GTB-3550 TriKE™ Phase 1/2 clinical trial. This was evidenced by the very positive response to our oral data presentation at the ASH (American Society of Hematology) conference in December. Now, as a repositioned biotech NASDAQ trading company, institutional funds and analysts are no longer restricted from participating with GT Biopharma, Inc. With this infusion of capital set to advance both liquid and solid cancer TriKEs™ in the clinic, and partnership opportunities on ...