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VOL. 129 | NO. 66 | Friday, April 04, 2014

Steiner Resigns as CEO of GTx

By Bill Dries

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Dr. Mitchell Steiner has resigned effective Thursday from being CEO and vice chairman of GTx, the Memphis-based company he co-founded.

(Daily News File/Lance Murphey)

The company announced Steiner’s departure Friday, April 4, as GTx cofounder Marc Hanover was named interim CEO by the board of the biopharmaceutical company that works in the development and commercialization of drugs for cancer treatment as well as the prevention and treatment of cancer-related muscle wasting.

“After more than 15 years as CEO, it’s a good time for me to leave my position so that I can spend more time with my family and pursue different opportunities,” Steiner said in a statement.

GTx board chairman J.R. Hyde III said the company “remains committed to the implementation of GTx’s strategy, which includes pursuing a marketing application in Europe for enobosarm 3mg.”

The drug is a treatment for muscle wasting in patients with advance non-small cell lung cancer.

Earlier this month, the company was told by the U.S. Food and Drug Administration that tests on enobosarm did not produce the necessary data in current trials that allow GTx to file a new drug application.

By the first quarter of 2015, GTx hopes to submit a marketing authorization application in the European Union for the drug. And the company plans to continue talks with the U.S. Food and Drug Administration about a way forward in the U.S. for development and use of the drug here.

GTx laid off 53 non-executive employees, or 60 percent of its workforce late last year. Mark Mosteller, vice president and chief financial officer, resigned the day the company’s board announced the layoffs. The board of directors and company officers also took salary reductions including Steiner and Hanover.

The layoffs and salary reductions followed word in August that enobosarm did not meet goals in two late-state clinical trials.

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