GT Biopharma, Inc. (OTCPK:GTBP) announced that it has entered into security purchase agreement for a private placement of unsecured senior convertible notes for the gross proceeds of $7,055,000 on January 22, 2018. The company will also issue 1,694,440 warrants to purchase common share at an exercise price of $4.58 for a period of five year. The transaction will include participation from a group of investors, including individual investors and Alto Opportunity Master Fund, SPC - Segregated Master Portfolio B, a fund managed by Ayrton Capital LLC for $2,000,000 and 480,350 warrants, Empery Asset Master Ltd, a fund managed by Empery Asset Management, LP for $876,000 and 210,394 warrants, Red Mango Enterprises Limited for $835,000 and 200,547 warrants. The notes will be issued at a discount of $705,510. The notes are zero-coupon and are convertible into common share of the company at conversion price of $4.58 and will mature in July 2018.