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VOL. 126 | NO. 39 | Friday, February 25, 2011

GTx Reports Q4 Loss, but 2010 Profit

By Aisling Maki

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Memphis-based biopharmaceutical company GTx Inc. Thursday reported a $7.5 million net loss in the fourth quarter, but posted a $15.3 million profit for the full-year, ended Dec. 31.

That compares to a net loss of $10.9 million for Q4 2009, and a net loss of $46.3 million for the full-year 2009.

Q4 2010 revenue was down $1.8 million compared to revenue of $3.7 million for Q4 2009. Full-year revenue for 2010 was up $60.6 million compared to revenue of $14.7 million for full-year 2009.

Fourth quarter revenue for 2010 included collaboration revenue from a $336,000 partnership with Ipsen and $1.5 million of net sales of Fareston, a drug marketed for the treatment of advanced metastatic breast cancer in postmenopausal women.

Year-end revenue for 2010 included $1.9 million in collaboration revenue from Ipsen and $54.9 million from Merck & Co. Inc.

As a result of the termination of a license and collaboration agreement with Merck in March 2010, GTx recognized as collaboration revenue the remaining $49.9 million of unamortized deferred revenue in Q1 2010, as well as the final payment of $5 million of cost reimbursement for research and development activities that was received from Merck in December.

Full-year revenue for 2010 also included $3.8 million of net sales of Fareston.

“We are pleased to report that we have made significant progress in the Ostarine and Capesaris clinical development programs,” GTx CEO Dr. Mitchell S. Steiner said in a statement. “The ongoing discussions with (U.S. Food and Drug Administration) regarding Ostarine have helped us solidify the indication we will pursue, the prevention and treatment of muscle wasting in patients with non-small cell lung cancer. We expect to initiate a pivotal Phase III clinical trial early in the third quarter.”

Research and development expenses for Q4 and the year ended Dec. 31 were $5.8 million and $28.5 million, respectively, compared to $8.2 million and $32.3 million for the same periods in 2009.

General and administrative expenses for Q4 and the full-year 2010 were $4.5 million and $17.4 million, respectively, compared to $6.3 million and $27.8 million for the same periods in 2009.

Net income for the final quarter and full-year 2010 included other income of $1.2 million from grants awarded to the company by the federal government under the Qualifying Therapeutic Discovery Project Program, which was established under the Patient Protection and Affordable Care Act. As of Dec. 31, GTx had cash, cash equivalents and short-term investments of $58.6 million.

GTx focuses on the discovery, development, and commercialization of small molecules that selectively target hormone pathways for the treatment of cancer and the side effects of anticancer therapy, cancer supportive care, and other serious medical conditions.

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