GT Biopharma settles $6.5M Cytovance debt with stock and cash; aims for IND filings by Mar/Jun 2023

GT Biopharma, Inc.

Issued 1,222,281 shares to Cytovance to settle $3.25M of invoices; will pay another $3.25M in cash over three months.
Future invoices paid 50% cash and 50% in common stock at closing price; materials invoices all cash.
Cytovance to facilitate GTB-3650 IND by March 31, 2023 and GTB-5550 IND by June 30, 2023, subject to conditions.
Cytovance ownership capped at 4.9% of outstanding; daily resale limited to 50k shares or 1/3 of avg weekly volume.
Parties release each other from claims arising prior to agreement effectiveness.

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