VOL. 123 | NO. 153 | Wednesday, August 06, 2008
GTx Reports $13.2 Million Loss
TAYLOR SHOPTAW | The Daily News
GTx, Inc. reported a net loss of $13.2 million for the second quarter and $26 million for the six months, which ended June 30.
The net losses for the same period last year were $9.2 million and $17.3 million.
Revenue for the second quarter was $3 million, up from $1.8 million, and GTx had cash, cash equivalents and short-term investments of $118 million at the end of the quarter.
Net sales of the drug Fareston 60 mg, used for the treatment of metastatic breast cancer, were down $274,000 from $360,000.
GTx also announced in the second quarter that the Phase III clinical trial evaluating toremifene 20 mg, a drug used to prevent prostate cancer in men with high-grade prostatic intraepithelial neoplasia, will continue and anticipates a final determination about the trial will be made after an efficacy analysis is conducted next summer.
“To have a drug that can prevent prostate cancer would be great,” said Mitch Steiner, CEO of GTx.
The 1,400-patient trial will be complete in the second quarter of 2009, Steiner said, and after an efficacy analysis is completed, assuming the trial is successful, they will seek approval from the U.S. Food and Drug Administration.
Research and development expenses increased to $10.4 million, from $8.6 million a year ago, because of the company’s investment in its preclinical and clinical programs. That included spending related to the planned filing of a new drug application for toremifene 80 mg, a drug used to treat multiple side effects of androgen deprivation therapy for prostate cancer.
General and administrative expenses rose to $6.4 million from $3.6 million the year before.
GTx had no debts and no warrants.