WASHINGTON, D.C. / ACCESSWIRE / May 11, 2018 / GT Biopharma Inc. (OTCQB: GTBP and Euronext Paris "GTBP.PA") (the "Company") wishes to make the following statements regarding recent market activity in its common stock traded on the OTCQB marketplace:
From time to time, the Company engages third-party entities to increase general awareness of the Company and its business initiatives and corporate developments. Beginning on August 1, 2017, the Company engaged EMML Group, LLC ("EMML") for such services and on May 1, 2018 also engaged Midam Ventures LLC. EMML used Midam Ventures, LLC ("Midam") as a vendor from its engagement through April 2018. We have also engaged Westwicke Partners beginning on January 1, 2018, to provide investor relations services.
The Company became aware of certain promotional activity on its securities on May 9, 2018, upon receipt of correspondence from OTC Markets specifically related to an article posted on marijuanastocks.com, an affiliate of Midam, on May 8, 2018. The Company believes that promotional activities may have some impact on market activity, but that recent stock activities are due primarily to other factors, including the Company's ongoing Phase 2 trial of cancer drug OXS-1550; recent news regarding its CNS portfolio; the Company's attendance at two investor conferences; adding additional members to the Board of Directors; and the additional financing we received on January 23, 2018.
After inquiry, other than as described above, the Company confirms that its officers, directors, and its controlling shareholders (i.e., shareholders owning 10% or more of the Company's securities) have not, directly or indirectly, authorized or been involved in any way with the creation or distribution of promotional materials related to the Company and its securities. EMML was compensated $1.9mm for services rendered through April 30, 2018, and $16,500 from May 1 to May 30, 2018. Midam has been compensated $0.2mm for services rendered from May 1 to May 30, 2018. Neither the Company, nor any of its officers, directors, or, to the knowledge of the Company, any controlling shareholders have sold or purchased the Company's securities within the past 90 days.
While the Company does not believe that the information in the May 8, 2018 article regarding the Company's business, operations, and strategies is materially false or misleading, we did not have editorial control or approval over the content of such writing. The Company disclaims any potentially exaggerated or misleading statements.
In the ordinary course of its business and financing activities, the Company has issued common stock and securities convertible into common stock at prices constituting a discount to the current market rate. Information regarding such issuances can be found in the Company's consolidated financial statements and the notes thereto and in the Company's reports filed with the Securities and Exchange Commission, which are available at www.sec.gov.
For further information about GT Biopharma, Inc., please visit www.gtbiopharma.com or view the Company's filings at www.sec.gov.
ON BEHALF OF THE BOARD OF DIRECTORS
"/s/ Shawn Cross"
Shawn Cross
CEO and Chairman of the Board
About GT Biopharma, Inc.
GT Biopharma, Inc. is an immuno-oncology biotechnology company focused on innovative treatments based on the company's proprietary Tri and Tetra-specific Natural Killer Cell Engagers (TriKEs™ and TetraKEs) and bispecific antibody-drug conjugate (ADC) platforms. 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 has demonstrated success in early human clinical trials in patients with relapsed/refractory B-cell lymphoma or leukemia. In addition, GT's 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 effectiveness of the Company's products, the potential outcome of clinical studies, the future success of development activities and the future growth and operating and financial performance of the Company. 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, obtain regulatory approval and protect its intellectual property; significant fluctuations in marketing expenses and ability to achieve or grow revenue, 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.
Contact:
Westwicke Partners
John Woolford
+1(443)213-0506
john.woolford@westwicke.com
SOURCE: GT Biopharma Inc.
