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VOL. 129 | NO. 45 | Thursday, March 06, 2014

GTx Reports Net Loss, Improved Cash Position

By Don Wade

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Memphis-based GTx reported a net loss of $7.8 million for the quarter ended Dec. 31 and an annual net loss of $42.1 million for 2013.

That compares to net losses of $10.7 million for the last quarter of 2012 and a net loss of $27.1 million for all of 2012.

However, a recent stock sale will improve GTx’s cash position by about $21 million.

The company’s Capesaris drug, in development for prostate cancer treatment, is entering phase 2 of a clinical study.

GTx also has learned that Enobosarm, a drug being developed to treat muscle wasting, did not produce the necessary data in current trials that would enable the company to file a new drug application.

Dr. Mitchell Steiner, CEO of GTx, said in a conference call that while Enobosarm did not meet the statistical criteria required by the U.S. Food & Drug Administration, data from the studies “clearly showed that Enobosarm had a consistent positive effect on maintaining or improving lean body mass compared to placebo in both studies.”

The company is expected to continue development efforts.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 90 90 9,968
MORTGAGES 90 90 12,965
FORECLOSURE NOTICES 35 35 2,573
BUILDING PERMITS 154 154 23,678
BANKRUPTCIES 70 70 9,603
BUSINESS LICENSES 9 9 3,612
UTILITY CONNECTIONS 161 161 14,124
MARRIAGE LICENSES 24 24 3,087

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