Earlier this month, GT Biopharma announced that it had completed the acquisition of GTP and retired more than $18 million of debt. Completion of the merger was a key step that allows GT Biopharma to consider applying for acceptance to the Nasdaq Exchange.
The Company is pursuing Food and Drug Administration approval of therapies to treat cancer and Central Nervous System disorders, including a non-opioid pain medication.
Anthony J. Cataldo, Executive Chairman of GT Biopharma, said the new symbol is an important milestone for the Company, which recently announced the appointment of two veteran pharmaceutical executives to its leadership team. GT Biopharma recently announced the appointment of Dr. Kathleen Clarence-Smith as Chief Executive Officer and Dr. Raymond Urbanski as Chief Medical Officer.
“Through the acquisition of GTP, we added Central Nervous System and pain technologies to our existing BiKE and TriKE oncology platforms to broaden our portfolio of close-to-market drugs,” Mr. Cataldo said. “Now, with our new trading symbol, GTBP, we invite new stockholders to come on board as we progress in commercializing these innovative technologies.”
The Company’s stock begins trading under the new symbol today.
About GT Biopharma Inc.:
GT Biopharma is a pharmaceutical company developing innovative drugs focused on the treatment of cancer and other unmet medical needs. Its lead drug candidate, OXS-1550 (DT2219ARL) 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 diphtheria toxin as its cytotoxic drug payload. OXS-1550 targets and binds to cancer cells expressing the CD19 receptor or CD22 receptor or both receptors. When OXS-1550 binds to cancer cells, they internalize the drug and are killed due to the cytotoxic payload. OXS-1550 has demonstrated encouraging results in early human clinical trials in patients with relapsed/refractory B-cell lymphoma or leukemia. OXS-3550 TriKE technology was developed by researchers at the University of Minnesota Masonic Cancer Center. As demonstrated in non-clinical models, this targeted immunotherapy directs NK cells to kill cancer cells while diminishing drug-related toxicity, and is anticipated to be to NK cells what CAR-T is to T-cells. Additionally, GT Biopharma is focused on acquiring or discovering and patenting late-stage, de-risked, and close-to-market improved treatments for Central Nervous System disease and shepherding the products through the FDA approval process to the NDA. Its CNS products currently include treatment for neuropathic pain, refractory epilepsies, the symptoms of myasthenia gravis, and motion sickness.
Except for historical information contained herein, the statements in this release are forward-looking and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are inherently unreliable and actual results may differ materially. Examples of forward-looking statements in this news release include statements regarding the payment of dividends, marketing and distribution plans, development activities and anticipated operating results. Factors which could cause actual results to differ materially from these forward-looking statements include such factors as the Company’s ability to accomplish its business initiatives, significant fluctuations in marketing expenses and ability to achieve and expand significant levels of revenues, or recognize net income, from the sale of its products and services, as well as the introduction of competing products, or management’s ability to attract and maintain qualified personnel necessary for the development and commercialization of its planned products, and other information that may be detailed from time to time in the Company’s filings with the United States Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.