MEMPHIS, Tenn.--(BUSINESS WIRE)--Mar. 6, 2014--
GTx, Inc. (NASDAQ: GTXI) announced today that it closed the
previously-announced private placement of its common stock and warrants
to purchase its common stock. In the private placement, GTx issued
11,976,048 immediately separable units, comprised of an aggregate of
11,976,048 newly-issued shares of common stock and warrants to purchase
up to 10,179,642 additional shares of common stock. The purchasers
consisted of J.R. Hyde, III, the chairman of GTx’s Board of Directors,
and The Pyramid Peak Foundation. Gross proceeds from the offering were
approximately $21.3 million.
In connection with the private placement, GTx has agreed, subject to
certain terms and conditions, to file a registration statement under the
Securities Act covering the resale of shares of common stock sold in the
private placement, including the shares of common stock underlying the
warrants, within 180 days after the closing. The securities sold by GTx
in this private placement have not been registered under the Securities
Act and may not be offered or sold in the United States without
registration or an applicable exemption from the registration
requirements of the Securities Act.
This press release does not and shall not constitute an offer to sell or
the solicitation of any offer to buy any of these securities.
GTx, Inc., headquartered in Memphis, Tennessee, is a biopharmaceutical
company dedicated to the discovery, development, and commercialization
of small molecules for the treatment of cancer, including treatments for
prostate and breast cancer, cancer supportive care, including prevention
and treatment of cancer-related muscle wasting, and other serious
Source: GTx, Inc.
Denise Powell, 415-946-1062
Marc Hanover, 901-507-6915
President and Chief Operating