Oncotelic Therapeutics, Inc. announced that it has entered into a securities purchase agreement pursuant to which company issued a convertible promissory note to returning investor Mast Hill Fund, L.P., a fund managed by Mast Hill Management, LLC for gross proceeds of $544,500 on May 27, 2022. The note is convertible into shares of the company's common stock, par value $0.01 per share. The principal amount of the note is $605,000.