Exhibit 99.1
GT BIOPHARMA ANNOUNCES STOCK SALES AGREEMENT WITH HOLDERS
OF CONVERTED
SECURITIES
WASHINGTON D.C., CA / ACCESSWIRE / OCTOBER 12, 2017 / GT Biopharma
Inc. (GTBP and Euronext Paris GTBP.PA) announced today that persons
who received common stock (“Common Stock”) upon the
conversion of notes, preferred stock and in some cases upon the
settlement of warrants, during the last week of August 2017, have
amended their conversion agreements so that no Common Stock will be
sold for less than $7.00 per share thru November 30, 2017. Sales
above $7.00 per share are only allowed under the leak out
provisions agreed to in the original conversion documents. Under
the documents, the Common Stock can only be sold based on a
percentage of daily volume.
“This amendment is beneficial to all shareholders in helping
to preserve share value as GT Biopharma continues to progress
towards its goal of moving onto the NASDAQ exchange,” said
Executive Chairman Anthony Cataldo.
Further details of Common Stock lock up provisions are disclosed in
the Company’s current disclosure on Form 8-K filed with the
Securities and Exchange Commission today.
About GT Biopharma, Inc.: GT Biopharma, Inc. is a
biotechnology company focused on innovative drugs for the treatment
of cancer and CNS diseases (Neurology and Pain) along with other
unmet medical needs. GT’s lead oncology 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
modified form of diphtheria toxin as its cytotoxic drug payload.
OXS-1550 targets cancer cells expressing the CD19 receptor or the
CD22 receptor or both receptors. When OXS-1550 binds to cancer
cells, the cancer cells internalize the drug and are killed due to
the action of cytotoxic payload. OXS-1550 has demonstrated success
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 immune cells to kill cancer cells
while diminishing drug-related toxicity. GT’s CNS platform is
focused on acquiring or discovering and patenting late-stage,
de-risked, and close-to-market improved treatments for CNS disease
(Neurology and Pain) and shepherding the products through the FDA
approval process to the NDA. The current CNS pipeline products
currently include treatment for neuropathic pain, the symptoms of
myasthenia gravis, and motion sickness.
Forward-Looking
Statements:
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.
Company
website:
www.gtbiopharma.com
Media
contact:
Stuart
Pfeifer, Sitrick & Co.
(310)
788-2850, or spfeifer@sitrick.com