Exhibit 99.1
GT Biopharma (GTBP: OTCQB) Announces Appointment of Shawn M Cross
as Chairman and Chief Executive Officer
WASHINGTON, DC / ACCESSWIRE /
February 15, 2018 / GT Biopharma, Inc. (OTCQB: GTBP)
(GTBP.PA) ("GT" or the "Company"), a clinical-stage
biopharmaceutical company focused on the development and
commercialization of novel cancer immunotherapy products as well as
central nervous system treatments, today announced that Shawn M.
Cross will become Chairman and Chief Executive Officer effective
February 15, 2018.
Mr. Cross has held the position of President and Chief Operating
Officer of GTBP since November 16, 2017. The plan to add The
Chairman of the Board and CEO positions to Mr. Cross duties as
President/COO was initiated by the Company’s board of
directors to prepare the company for its next phase of growth. Mr.
Cross will lead GTBP through NASDAQ capital markets listing
process, attract institutional investment and analyst coverage to
the company, and guide development of its neurology portfolio and
its first TriKE into human clinical testing in 2018.
Dr. Kathleen Clarence-Smith will become Vice Chairwoman of the
Board of Directors and President of the Neurology Division to focus
her efforts on creating value in GTBP's central nervous system
portfolio and drive the company's intellectual property
developments.
Anthony J. Cataldo will remain as a member of the board of
directors and become a consultant to the company.
Mr. Cross is an internationally recognized healthcare investment
banker specializing in the biopharmaceutical sector with over 20
years of experience and has completed dozens of capital
markets and strategic transactions for growth-oriented
biopharmaceutical companies. He joined GTBP as President and Chief Operating Officer
of the Company. Previously he was Managing Director, Head of
Biotechnology Investment Banking at Deutsche Bank Securities Inc.
and Managing Director and Head of Biopharmaceutical Investment
Banking at Wells Fargo Securities, LLC where he completed dozens of
capital markets and strategic transactions for growth-oriented
biopharmaceutical companies.
GT Biopharma Executive Chairman Anthony J. Cataldo said, " It is
now time to move GT Biopharma to an institutional quality biotech
company. I created GTBP using the same model I used when creating,
what is now known as, Iovance Biotherapeutics, Inc. (IOVA); an
approximately $1.5 billion market cap company.
GT Biopharma Chief Executive Officer Dr. Kathleen Clarence-Smith
said, “Having known Shawn for over a decade, I’m
confident that Shawn will be a very effective CEO for GTBP while I
focus on maximizing the value of our neurology portfolio. I
look forward to moving the company to the next
level.”
GT Biopharma President and COO Shawn M. Cross said, "I continue to
see a great deal of promise in GT Biopharma's pipeline of
immuno-oncology and neurology therapeutics and am honored to become
Chairman and Chief Executive Officer of such a dynamic company. I
look forward to announcing additional experienced members to our
management team and board in the coming weeks. I also am excited to
work closely with Dr. Urbanski as we prepare to enter our first
TriKE into human clinical testing as well as with Dr.
Clarence-Smith in creating value from our neurology
portfolio."
About
GT Biopharma, Inc.: GT
Biopharma, Inc. is a biotechnology company focused on innovative
drugs for the treatment of cancer. GT’s lead oncology drug
candidate, OXS-1550 (DT2219) 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. In addition, GTs
TriKE platform will address a number of cancer types. GT’s
nervous system platform is focused on acquiring or discovering and
patenting late-stage, de-risked, and close-to-market improved
treatments for nervous system diseases (Neurology and Pain) and
shepherding them through the approval process to the NDA. GT
Biopharma’s neurology products currently include PainBrake,
as well as treatments for 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.
Company website: www.GT Biopharma.com
Contact:
Westwicke
Partners
John
Woolford
(443)
213-0506
john.woolford@westwicke.com