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.