GT Biopharma appoints David Mun-Gavin to board of directors

SAN FRANCISCO - GT Biopharma, Inc. (NASDAQ: GTBP), a clinical-stage biotech company with a market capitalization of $7.3 million, announced Friday the appointment of David C. Mun-Gavin to its Board of Directors. According to InvestingPro data, the company maintains a healthy balance sheet with more cash than debt, despite challenging market conditions.

Mun-Gavin brings decades of executive leadership experience to the clinical stage immuno-oncology company. He previously served as Client Director in the International Private Banking Division at several global institutions including Credit Suisse, Swiss Bank Corporation Investment Banking Ltd., and Bankers Trust International Limited.

His career also includes experience as CEO of the Vanol Group, an international oil trading company. Mun-Gavin is a qualified Chartered Accountant who worked for Goldby, Compton and Mackelvie during his accountancy career.

Michael Breen, Executive Chairman and CEO of GT Biopharma, stated that Mun-Gavin’s "guidance and perspective will be invaluable" as the company approaches its first data readout this year for GTBP-3650.

GT Biopharma focuses on developing therapeutics based on its proprietary TriKE natural killer cell engager platform, which is designed to enhance the cancer-killing abilities of a patient’s immune system. The company holds an exclusive worldwide license agreement with the University of Minnesota to develop and commercialize therapies using this technology.

The company expects to expand its NK-engager pipeline into broader indications in 2026, according to information provided in the press release statement.

In other recent news, GT Biopharma has progressed to Cohort 2 in its Phase 1 dose escalation trial of GTB-3650, following a successful safety review of the initial cohort. The trial aims to assess the safety and clinical activity of the therapy, with detailed results expected in 2025. Additionally, GT Biopharma has entered into a private placement deal involving the issuance and sale of Series L 10% Convertible Preferred Stock and warrants, with an aggregate stated value of approximately $6.05 million. This financial agreement includes "Greenshoe Rights," allowing for additional purchases of preferred stock under certain conditions.

In corporate governance news, GT Biopharma has appointed Andrew Ritter and Hilary Kramer to its Board of Directors, replacing Dr. Rajesh Shrotriya and Bruce Wendel, respectively. These appointments come as the company continues to advance its proprietary TriKE® NK cell engager platform. Furthermore, GT Biopharma issued a pre-funded warrant to Cytovance Biologics for services rendered, allowing the purchase of up to 326,251 shares of common stock. This issuance is part of the company’s strategy to compensate service providers with equity instruments.

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