VOL. 132 | NO. 54 | Thursday, March 16, 2017
Net Loss Widens for GTx in Fourth Quarter
The Daily News
GTx Inc. reported a fourth-quarter loss of $6.9 million, or 44 cents per share, more than twice the loss of $3.2 million from the same period in 2015.
For the year, the Memphis-based pharmaceutical company reported a net loss of $17.7 million, or $1.22 per share, down from an $18.7 million loss for all of 2015.
Research and development expenses for the quarter grew to $4.6 million, compared to $3.9 million in the fourth quarter of 2015. Similarly, full-year expenses for research and development were $17.2 million, up 26 percent from $13.6 million the previous year.
General and administrative expenses rose 9 percent to $2.3 million year-over-year in the fourth quarter, and rose by 6 percent for the full year to $8.7 million.
GTx has two clinical trials working to bring enobosarm to market as a treatment for women with advanced breast cancer, and another clinical trial with enobosarm as a potential treatment for stress urinary incontinence in postmenopausal women.
One of the enobosarm cancer trials is in Stage 2 and performing well, according to a company release. The other cancer trial could move to Stage 2 in the second quarter of 2017 if the clinical data warrants continuing to enroll patients.
Top-line results for the proof-of-concept clinical trial of enobosarm for incontinence are expected in the third quarter of 2017.