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SAN FRANCISCO - GT Biopharma, Inc. (NASDAQ:GTBP), a clinical stage immuno-oncology company with a current market capitalization of $5.52 million, has announced the appointment of Hilary Kramer to its Board of Directors. Mrs. Kramer, the Founder and Chief Investment Officer of GreenTech Research, will be taking over from the outgoing board member Bruce Wendel. According to InvestingPro data, the company’s stock has experienced significant pressure, declining over 8% in the past week.
Executive Chairman and CEO Michael Breen expressed confidence in Kramer’s addition to the board, citing her extensive strategic and operational background as beneficial to the company’s growth, particularly as GT Biopharma progresses with its proprietary TriKE® NK cell engager platform. The appointment comes at a crucial time, as InvestingPro analysis indicates the company holds more cash than debt on its balance sheet, though current financial metrics suggest short-term obligations exceed liquid assets.
With a robust career in investment banking, portfolio strategy, and board memberships across various public companies, Mrs. Kramer brings a wealth of experience to GT Biopharma. Her past roles include Senior Managing Director and Chief Investment Officer for a significant family office portfolio and investment banking at Lehman Brothers and Morgan Stanley. Mrs. Kramer is also well-versed in brand management from her time at General Mills.
GT Biopharma focuses on developing therapeutics that enhance the cancer-killing abilities of a patient’s immune system’s natural killer cells. The company holds an exclusive worldwide license agreement with the University of Minnesota to develop and commercialize TriKE® technology-based therapies.
The press release also contained forward-looking statements regarding GT Biopharma’s future results and market performance. While analysts maintain an $11 price target for the stock, InvestingPro analysis suggests the company is currently fairly valued. These statements are based on current expectations and projections about future events. However, the company acknowledges that these forward-looking statements are subject to risks, uncertainties, and assumptions that could cause actual results to differ materially. Get access to 8 more exclusive InvestingPro Tips and comprehensive financial analysis to make better-informed investment decisions.
This announcement is based on information provided in a press release statement by GT Biopharma, Inc.
In other recent news, GT Biopharma, Inc. announced a private placement deal involving the issuance and sale of up to 6,056 shares of its Series L 10% Convertible Preferred Stock, alongside warrants to purchase common stock. This agreement, valued at approximately $5.45 million, includes options for purchasers to acquire additional preferred stock worth up to $22 million. The company also issued a pre-funded warrant to Cytovance Biologics, allowing the purchase of up to 326,251 shares of common stock as compensation for services rendered. Furthermore, GT Biopharma has entered into definitive agreements for the exercise of warrants, expecting to raise about $0.7 million in gross proceeds from the exercise of 302,069 shares of common stock. The company plans to issue new unregistered warrants for up to 604,138 additional shares. Meanwhile, GT Biopharma has withdrawn its Registration Statement on Form S-1 with the SEC, with no securities sold related to the offering. The company has committed to filing a registration statement for the resale of shares issuable upon exercise of new warrants.
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