GTBP - GT Biopharma closes $23.7M capital raise

GT Biopharma (GTBP) announces the closing of an underwritten public offering of 4.3M units, with gross proceeds of about $23.6M.Each unit consisted of one GT Biopharma share and one warrant to purchase one share at a public offering price of $5.50/share, per unit.The transaction successfully extinguished over $25M in debt, the company said and added that it now had a cash position of about $30M, extending its cash runway through 2022.Roth Capital Partners and Dawson James Securities acted as joint book-running managers for the offering.Shares of the company were trading up nearly 5% premarket.

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GT Biopharma closes $23.7M capital raise