In a recent 8-K filing with the U.S. Securities and Exchange Commission, GT Biopharma, Inc. reported a change in the role of one of its key officers. Effective today, Dr. Jeffrey Miller, who previously served as the company's Consulting Chief Medical Officer and Consulting Chief Scientific Officer, has transitioned to the role of Consulting Senior Medical Director at GT Biopharma.
This shift in Dr. Miller's position aligns with a request from his primary employer, the University of Minnesota. The university has requested the change to ensure adherence to its conflict of interest policies as the institution prepares to conduct a Phase I clinical trial of GT Biopharma's GTB-3650 compound.
GT Biopharma, listed on The Nasdaq Stock Market LLC under the ticker GTBP, is a pharmaceutical company incorporated in Delaware with a focus on pharmaceutical preparations, as indicated by its SIC code 2834. The company's principal executive offices are located in San Francisco, California.
Dr. Miller's new title as Consulting Senior Medical Director reflects his ongoing role with GT Biopharma and the responsibilities he will continue to carry out within the company. The 8-K filing did not disclose any additional changes to the executive team or compensatory arrangements related to this role change.
In other recent news, GT Biopharma, Inc. has gained clearance from the U.S. Food and Drug Administration (FDA) for its Investigational New Drug (IND) application for GTB-3650. This approval allows the company to proceed with a Phase 1 clinical trial, set to begin in the second half of 2024. The trial will focus on the safety and efficacy of GTB-3650 for patients with CD33 expressing hematologic malignancies, such as acute myeloid leukemia and high-risk myelodysplastic syndrome.
In further developments, GT Biopharma has initiated a registered direct offering and concurrent private placement, expected to generate approximately $3.2 million in gross proceeds. The company will sell 740,000 shares of common stock at a price of $4.35 per share, along with issuing warrants for the purchase of an additional 740,000 shares at the same price.
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