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.
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.
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