Crispr Therapeutics shares tumble after significant earnings miss
SAN FRANCISCO - GT Biopharma, Inc. (NASDAQ:GTBP), a clinical stage immuno-oncology company with a market capitalization of $5.55 million, announced today the appointment of Andrew Ritter as a new member of its Board of Directors. Ritter, a seasoned biotech executive with over 20 years of experience, replaces Dr. Rajesh Shrotriya, who is stepping down from the board. According to InvestingPro data, the company maintains a positive cash position relative to debt, though analysts do not expect profitability this year.
Michael Breen, Executive Chairman and CEO of GT Biopharma, expressed confidence in Ritter’s ability to contribute to the company’s growth, citing his track record in scaling healthcare companies and leading successful exits. Ritter’s background includes CEO roles at Cairns Health and Docbot, as well as founding Ritter Pharmaceuticals and serving on the board of Myosin Therapeutics. The appointment comes as the stock trades near $2.19, significantly below its 52-week high of $10.66. InvestingPro analysis suggests the stock may be slightly undervalued at current levels.
Ritter’s appointment comes as GT Biopharma’s proprietary TriKE® NK cell engager platform continues through clinical trials. The platform aims to enhance the cancer-killing abilities of natural killer cells. GT Biopharma holds an exclusive worldwide license agreement with the University of Minnesota to develop and commercialize therapies based on TriKE® technology.
The company’s press release also contains forward-looking statements regarding its future results and market operations, which are subject to risks, uncertainties, and assumptions. These statements reflect the company’s current expectations and are not guarantees of future performance.
The news is based on a press release statement from GT Biopharma.
In other recent news, GT Biopharma, Inc. announced a private placement deal involving the issuance of Series L 10% Convertible Preferred Stock and warrants, raising approximately $5.45 million with potential for an additional $19.8 million through "Greenshoe Rights." The company also disclosed plans to file a registration statement for the resale of common stock related to this offering. Additionally, GT Biopharma issued a warrant to Cytovance Biologics as compensation for services, allowing the purchase of 326,251 shares of common stock. In another development, GT Biopharma has entered into definitive agreements for the exercise of warrants to purchase 302,069 shares of common stock, expecting to raise about $0.7 million. The company plans to use the proceeds for working capital and corporate purposes. Furthermore, GT Biopharma announced the withdrawal of its SEC registration statement on Form S-1 without providing specific reasons. Finally, the company appointed Hilary Kramer to its Board of Directors, bringing her extensive investment and strategic expertise to the team. These developments highlight GT Biopharma’s ongoing financial and strategic activities.
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