On January 23, 2018 GT Biopharma Inc. (OTCQB: GTBP and Euronext Paris: GTBP.PA) reported that it has entered into definitive agreements for a private placement of convertible notes and warrants for gross proceeds of $7,055,000 (Press release, GT Biopharma , JAN 23, 2018, View Source [SID1234539535]). The company intends to use the proceeds from the financing to advance its immuno-oncology programs, which are based on the company’s proprietary Tri and Tetra-specific Natural Killer Cell Engagers (TriKEs and TetraKEs) and bispecific antibody-drug conjugate (ADC) platforms, neurology (CNS) pipeline progress, and for general corporate purposes.

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Oppenheimer & Co. Inc. acted as the sole placement agent for the offering.

The convertible notes are unsecured, have a face amount of $7,760,508, a 0% coupon, an initial conversion price of $4.58, subject to adjustment, and are due July 2018. Investors also received warrants to purchase approximately 1,694,440 shares of GT Biopharma common stock at an initial exercise price of $4.58 per share, subject to adjustment.

Roth Capital Partners also acted as a financial advisor to GT Biopharma for this transaction.