UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 Or 15(d) of the
Securities Exchange Act of 1934
Date of
Report (Date of earliest event reported): September 19,
2019
GT Biopharma, Inc.
(Exact
name of Registrant as specified in its charter)
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Delaware
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000-08092
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94-1620407
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(State
or other Jurisdiction of Incorporation or
organization)
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(Commission File
Number)
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(IRS
Employer I.D. No.)
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9350 Wilshire Blvd. Suite 203
Beverly Hills, CA 90212
Phone: (800) 304-9888
(Address,
including zip code, and telephone number, including area code,
of
registrant’s
principal executive offices)
N/A
(Former
name, former address and former fiscal year, if changed since last
report)
Check
the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant
under any of the following provisions (see General Instruction A.2.
below):
☐
Written
communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
☐
Soliciting material
pursuant to Rule l 4a- l 2 under the Exchange Act ( 17 CFR 240. l
4a- l 2)
☐
Pre-commencement
communications pursuant to Rule l 4d-2(b) under the Exchange Act
(17 CFR 240. l 4d-2(b))
☐
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR 240. l 3e-4(c))
Item 1.01. Entry into a Material Definitive Agreement.
On September 19, 2019, GT Biopharma, Inc. (the
“Company”) entered into an Asset Purchase Agreement
(the “Agreement”), pursuant to which the Company sold
its rights, titles and interests, including associated patents, to
the pharmaceutical product designated by the Company as GTB-004
(the “Product”). Under the Agreement, the Product was
purchased by DAS Therapeutics, Inc. who the Company believes is
well positioned to take over the clinical development of the
Product including obtaining timely approval by the
FDA.
The Company received $200,000 at closing. The Company will also
participate in the future commercial value of the Product by
receiving $6,000,000 upon the achievement of certain sales
objectives. In addition, the Company will receive a royalty equal
to 1.5% of U.S. sales until such time as the last of the patents
associated with the Product expires.
The Product has to do with the treatment
of myasthenia gravis.
Item 9.01 Financial Statements and Exhibits.
(d)
Exhibits
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No.
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Description
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Press
Release
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SIGNATURE PAGE
Pursuant
to the requirement of the Securities and Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
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GT
Biopharma, Inc. |
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Dated:
September 24, 2019 |
By:
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/s/ Steven
Weldon
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Steven
Weldon
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Chief
Financial Officer
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