LOS ANGELES, June 5, 2018 /PRNewswire/ --
GT Biopharma Inc. (OTCQB: GTBP) (Euronext Paris: GTBP.PA) or the
"Company", an immuno-oncology biotechnology company focused on
innovative treatments based on the Company's proprietary platforms,
announces that the officers, non-independent directors of the
Company and a significant founding shareholder of GT Biopharma's
predecessor companies have entered into lock-up agreements in
respect of approximately 52% (26 million) of the issued and
outstanding common shares of the Company, effective
immediately.
The voluntary lock-up Agreement stipulates that these
shareholders will not offer to sell, contract to sell or otherwise
dispose of any securities, or enter into any transaction to such
effect, directly or indirectly, in addition to other restrictions,
on or before September 31, 2019.
"By entering into the lock-up agreements, our executive team and
certain large shareholders are reaffirming our belief in the vision
of the Company and commitment to being aligned with our key
stakeholders," said GT Biopharma's CEO, Shawn Cross.
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.
Safe Harbor Statement
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 alignment of management and other insiders with the
rest of the Company's shareholders. 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.