TAMPA, Florida, March 26, 2019 /PRNewswire/ -- GT Biopharma,
Inc. (OTCQB: GTBP) (GTBP.PA) an immuno-oncology biotechnology
company focused on innovative treatments based on the Company's
proprietary NK-engager and Bispecific Antibody Drug Conjugate
platforms, announced today that it has completed a restructuring of
the management team and Board of Directors.
Anthony J Cataldo has been named Chairman and Chief Executive
Officer. Mr. Cataldo founded and served as Chairman and Chief
Executive Officer at Iovance Biotherapeutics, Inc. He created
Iovance with assets purchased from the National Cancer Institute
(NCI). Dr. Steven Rosenberg
developed the autologous cell therapy technologies of the National
Cancer Institute for the treatment of stage four melanoma. Iovance
has a market capitalization over $1.3
billion.
Mr. Cataldo is the founder of GT Biopharma, Inc., (OTCQB: GTBP).
He served as Chairman and Chief Executive Officer from July 2014 through April
2018. Mr. Cataldo founded GT Biopharma on the NK cell
technology developed by Dr. Jeffrey
Miller, Director of the Masonic Cancer Center at the
University of Minnesota. The NK cell
technology was created for the treatment of solid and liquid
tumors. Currently, two FDA clinical trials (phase one and phase
two) are underway for the NK cell technology.
Mr. Cataldo stated, "Our TriKe license from the University of Minnesota has continued to progress
and we look forward to bringing you news of our TriKe technology
assets in the very near future. The new management team finds
itself at the same inflection point that Iovance was in when the
company made the transition to a NASDAQ company that continues to
have a bright future."
Mr. Steven Weldon has been
appointed as Chief Financial Officer and a member of the Board of
Directors. Mr. Weldon has over 16 years of financial and accounting
experience. Mr. Weldon served on the Board of Directors at GT
Biopharma beginning in September 2014
and became the CFO in November 2014.
He held both positions through October
2018. Mr. Weldon was appointed Chief Financial Officer and
member of the Board of Directors for GB Sciences, Inc. in
September 2005 and served in both
positions until November 2014. Mr.
Weldon also served as Chief Executive Officer of GB Sciences from
December 2009 through May 2011 and April
2012 through March 2014.
Steven taught accounting and tax courses at Florida Southern College. He holds a Bachelor of
Science degree and his MBA for Florida
Southern and is a licensed Certified Public Accountant in
the state of Florida.
About GT Biopharma, Inc.
GT Biopharma, Inc. is a clinical stage biopharmaceutical company
focused on the development and commercialization of immuno-oncology
products based off our proprietary Tri-specific Killer Engager
(TriKE), Tetra-specific Killer Engager (TetraKE) and bi-specific
Antibody Drug Conjugate (ADC) technology platforms. Our TriKE and
TetraKE platforms generate proprietary moieties designed to harness
and enhance the cancer killing abilities of a patient's own natural
killer, or NK, cells. Once bound to a NK cell, our moieties are
designed to enhance the NK cell and precisely direct it to one or
more specifically-targeted proteins (tumor antigens) expressed on a
specific type of cancer, ultimately resulting in the cancer cell's
death. TriKEs and TetraKEs are made up of recombinant fusion
proteins, can be designed to target certain tumor antigens on
hematologic malignancies, sarcomas or solid tumors and do not
require patient-specific customization. They are designed to be
dosed in a common outpatient setting similar to modern antibody
therapeutics and are expected to have reasonably low cost of goods.
Our ADC platform can generate product candidates that are
bi-specific, ligand-directed single-chain fusion proteins that, we
believe, represent the next generation of ADCs.
For more information, please visit www.gtbiopharma.com.
Forward-Looking Statements
This press release contains certain forward-looking statements
that involve risks, uncertainties and assumptions that are
difficult to predict, including statements regarding the potential
acquisition, the likelihood of closing the potential transaction,
our clinical focus, and our current and proposed trials. Words and
expressions reflecting optimism, satisfaction or disappointment
with current prospects, as well as words such as "believes,"
"hopes," "intends," "estimates," "expects," "projects," "plans,"
"anticipates" and variations thereof, or the use of future tense,
identify forward-looking statements, but their absence does not
mean that a statement is not forward-looking. Our forward-looking
statements are not guarantees of performance and actual results
could differ materially from those contained in or expressed by
such statements. In evaluating all such statements, we urge you to
specifically consider the various risk factors identified in our
Form 10-K for the fiscal year ended December 31, 2017 in the
section titled "Risk Factors" in Part I, Item 1A and in our
subsequent filings with the Securities and Exchange Commission, any
of which could cause actual results to differ materially from those
indicated by our forward-looking statements.
Our forward-looking statements reflect our current views with
respect to future events and are based on currently available
financial, economic, scientific, and competitive data and
information on current business plans. You should not place undue
reliance on our forward-looking statements, which are subject to
risks and uncertainties relating to, among other things:
(i) the sufficiency of our cash position and our ongoing
ability to raise additional capital to fund our operations,
(ii) our ability to complete our Phase 1 study of TriKe,
GTB-3550 and or our Phase 2 trial of CTB-1550 and to meet the FDA's
requirements with respect to safety and efficacy, (iii) our ability
to identify patients to enroll in our clinical trials in a timely
fashion, (iv) our ability to achieve approval of a marketable
product, (v) design, implementation and conduct of clinical
trials, (vii) the results of our clinical trials, including
the possibility of unfavorable clinical trial results,
(vii) the market for, and marketability of, any product that
is approved, (viii) the existence or development of treatments
that are viewed by medical professionals or patients as superior to
our products, (ix) regulatory initiatives, compliance with
governmental regulations and the regulatory approval process, and
social conditions, and (x) various other matters, many of
which are beyond our control. Should one or more of these risks or
uncertainties develop, or should underlying assumptions prove to be
incorrect, actual results may vary materially and adversely from
those anticipated, believed, estimated, or otherwise indicated by
our forward-looking statements.
We intend that all forward-looking statements made in this press
release will be subject to the safe harbor protection of the
federal securities laws pursuant to Section 27A of the
Securities Act, to the extent applicable. Except as required by
law, we do not undertake any responsibility to update these
forward-looking statements to take into account events or
circumstances that occur after the date of this press release.
Additionally, we do not undertake any responsibility to update you
on the occurrence of any unanticipated events which may cause
actual results to differ from those expressed or implied by these
forward-looking statements.
For more information, please visit www.gtbiopharma.com.
800-304-9888
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SOURCE GT Biopharma Inc.