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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 65 366 17,721
MORTGAGES 70 417 23,068
FORECLOSURE NOTICES 15 91 4,519
BUILDING PERMITS 210 932 42,157
BANKRUPTCIES 62 299 16,691
BUSINESS LICENSES 19 80 5,781
UTILITY CONNECTIONS 49 305 25,174
MARRIAGE LICENSES 16 96 5,381

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