GT Biopharma (OTCMKTS: GTBP) has set the foundation for strong growth ahead. The company announced that it has completed a private offering, even in the midst of the COVID-19 pandemic. Moreover, as the company sets up for a major uplisting, the stock deserves your attention. Here’s what’s going on:
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GTBP Raises $5.6 Million To Continue Work On Its Clinical Trial
In the press release, GT Biopharma announced that it completed a private offering. Through the offering, the company raised gross proceeds in the amount of $5.6 million. The funds were raised in order for the company to continue the development of a potential AML treatment.
At the moment, GTBP is conducting a Phase I/II clinical trial for GTB-3550 at the Masonic Cancer Center. The treatment is a tri-specific recombinant fusion protein conjugate composed of the variable regions of the heavy and light chains of anti-CD16 and anti-CD33 antibodies and modified form of IL-15.
Not only is the company assessing its technology as a potential AML, or Acute Myeloid Leukemia treatment, it is also assessing it as a potential treatment in COVID-19. This aggressive form of cancer has a high mortality rate. However, GTB-3550 has shown some early promise in the treatment of this devastating cancer.
In a statement, Anthony Cataldo, Chairman and CEO at GTBP, had the following to offer:
“We are pleased to have completed our bridge financing which allows us to continue to fund our FDA clinical trial and helps to position the company to seek approval for listing on a national securities exchange. We are pleased with the progress our clinical development team is making with the evaluation of GTB-3550 in AML advanced cancer patients and will be providing further clinical updates to our stakeholders in the coming weeks.”
This News Is Huge
The news released by GTBP this morning is a huge step in the right direction for the company. First and foremost, the ability of a company with such a small market cap to raise $5.6 million in a COVID-19-riddled environment is impressive in and of itself. However, there’s a bit more to this release.
The company now has the funding it needs to continue work in not only AML, an incredibly high-value indication with significant unmet need.
Moreover, in Mr. Cataldo’s statement, he mentioned work to uplist to a major stock exchange. This could lead to stronger investor interest and incredible liquidity. All in all, investors should pay close attention to GTBP.
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