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GT Biopharma Reports Fourth Quarter and Full-Year 2022 Financial Results and Provides Corporate Update
Proforma cash of approximately $23.0 million includes $16.5 million in cash as of December 31, 2022, plus $6.5 million in gross proceeds received from a
About this update from Gt Biopharma, Inc.
[{"type":"text","content":"Proforma cash of approximately $23.0 million includes $16.5 million in cash as of December 31, 2022, plus $6.5 million in gross proceeds received from a registered direct offering priced at a premium to market on January 4, 2023.Cash on hand, coupled with significant recent cost reduction efforts, is expected to provide ample runway to fund operations into Q2 2024; anticipated to be sufficient to achieve IND clearance for GTB-3650 and GTB-5550, and initiate clinical trial activities on GTB-3650. BRISBANE, CALIFORNIA, March 30, 2023 (GLOBE NEWSWIRE) -- GT Biopharma, Inc. (the “Company”) (NASDAQ: GTBP), a clinical stage immuno-oncology company focused on developing innovative therapeutics based on the Company's proprietary natural killer (NK) cell engager, TriKE® platform, today announced fourth quarter and full-year 2022 results for the period ended December 31, 2022. “We continue to move GT Biopharma’s pipeline development program forward through the advancement of GTB-3650, a second generation nanobody TriKE® for the treatment of CD33+ leukemia which will be followed by GTB-5550 for the treatment of B7H3+ solid tumors. Looking ahead we are on track to submit an investigational new drug (IND) filing with the U.S. Food and Drug Administration for our lead-asset GTB-3650 in the first half of 2023,” said Michael Breen, Executive Chairman and interim Chief Executive Officer. “Moreover, as we move our programs closer to the clinic, we have significantly reduced expenses that will enable us to extend our cash runway into Q2 2024. We also continue to investigate and develop the Company’s TriKE® nanobody platform for multiple additional targets and indications, while actively exploring potential development partnerships for our programs.” Fourth Quarter Highlights Successfully completed a registered direct offering for gross proceeds of $6.5 million priced at premium to marketDr. Jeff Miller named Consulting Chief Medical OfficerPresented novel dual antigen targeting approach for the treatment of acute myeloid leukemia (AML) at the American Society of Hematology's 64th Annual Meeting (ASH 2022)Presented two poster presentations at the Society for Immunotherapy of Cancer’s 37th Annual Meeting Fourth Quarter and Year End 2022 Financial Summary Cash Position: The Company had cash, cash equivalents and short-term investments of $16.5 millio...