GT Biopharma Inc (GTBP)

[@LiftedCapital]

The Company received $1,250,000 in cash from the offering of the securities. The net proceeds of the offering, approximately $1,200,000, will be used by the Company to (i) fund the costs of filing all of the Company’s delinquent Securities and Exchange Commission reports, (ii) increase the marketing of the Company’s therapeutic nutraceutical products, and (iii) investigate one or more possible strategic acquisitions of businesses in the nutraceutical or medical product markets, including the medical marijuana industry. The Company has not entered into any agreements for any such strategic acquisitions, and no assurance can be given that the Company will make any future acquisition. The Company has re-engaged Seligson & Giannattasio, LLP, its auditor since 2008, to commence the audit of the Company’s financial statements for the years ended December 31, 2012 and 2013.