GT Biopharma's Leadership Shift and Clinical Trial Progress
GT Biopharma Announces Leadership Transition
In a recent filing with the U.S. Securities and Exchange Commission, GT Biopharma, Inc. reported a significant change in the responsibilities of one of its key officers. Dr. Jeffrey Miller has transitioned from his previous roles as the Consulting Chief Medical Officer and Consulting Chief Scientific Officer to take on the position of Consulting Senior Medical Director.
Reason Behind the Transition
This shift in Dr. Miller's position aligns with a request from the University of Minnesota, his primary employer. The university is ensuring compliance with its conflict of interest policies as it prepares to initiate a Phase I clinical trial for GT Biopharma's innovative GTB-3650 compound.
About GT Biopharma
GT Biopharma, which trades on The Nasdaq Stock Market LLC under the ticker GTBP, is a dedicated pharmaceutical company based in Delaware. The firm specializes in pharmaceutical preparations, aligning its business with industry standards as outlined in its SIC code 2834. The principal executive offices are strategically located in the vibrant city of San Francisco, California.
Dr. Miller's Continued Role
Despite the change in title to Consulting Senior Medical Director, Dr. Miller will maintain an active role within GT Biopharma. His ongoing responsibilities were confirmed in the recent 8-K filing, where no additional shifts within the executive team or adjustments to compensation were noted.
Recent FDA Approval for GTB-3650
In a wave of recent advancements, GT Biopharma has received approval from the U.S. Food and Drug Administration (FDA) for its Investigational New Drug (IND) application concerning the GTB-3650. This milestone enables the company to move forward with a Phase I clinical trial anticipated to commence in the latter half of 2024, focusing on the safety and efficacy of GTB-3650 for patients afflicted with CD33 expressing hematologic malignancies, including acute myeloid leukemia and high-risk myelodysplastic syndrome.
Initiative for Fundraising
Additionally, GT Biopharma has launched a registered direct offering paired with a concurrent private placement, projected to raise roughly $3.2 million in gross proceeds. This will involve selling 740,000 shares of common stock at a price of $4.35 per share, along with issuing warrants allowing for the purchase of an additional 740,000 shares at the same rate.
Frequently Asked Questions
What prompted the change in Dr. Miller's position at GT Biopharma?
The change aligns with a request from the University of Minnesota, aiming to adhere to conflict of interest policies.
What is GT Biopharma known for?
GT Biopharma focuses on developing innovative treatments for hematologic malignancies and has a strong emphasis on pharmaceutical preparations.
What trial is GT Biopharma moving forward with?
GT Biopharma is progressing with a Phase I clinical trial for GTB-3650, which targets CD33 expressing hematologic malignancies.
When is the Phase I clinical trial expected to start?
The trial is scheduled to begin in the second half of 2024.
How much funding is GT Biopharma expecting to generate?
The company is projected to raise approximately $3.2 million through its latest registered direct offering and private placement.
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