MEMPHIS, Tenn.--(BUSINESS WIRE)--Oct. 1, 2012--
GTx, Inc. (Nasdaq: GTXI) announced today that it has sold to ProStrakan
Group plc (ProStrakan) its rights and related assets in the metastatic
breast cancer product, Fareston®, for total cash
consideration of $21.7 million. After deducting cash expenses relating
to the transaction, GTx will receive net cash proceeds from the sale of
approximately $19 million. Fareston (toremifene citrate) 60 mg tablets
is a selective estrogen receptor modulator approved in the United States
for the treatment of metastatic breast cancer in postmenopausal women.
ProStrakan, which is a subsidiary of the pharmaceutical company, Kyowa
Hakko Kirin Co. Ltd., executed an Asset Purchase Agreement with GTx to
acquire GTx’s exclusive rights in the U.S. to Fareston, along with
product inventory. In connection with the transaction, GTx and Orion
Corporation (Orion) agreed to terminate their long-standing license and
supply agreement for Fareston and other toremifene-based products, and
Orion and ProStrakan entered into a new exclusive license and supply
agreement for Orion to manufacture and supply Fareston to ProStrakan in
the U.S. Torreya Partners LLC served as financial advisor to GTx for the
transaction.
Mitchell S. Steiner, M.D., CEO of GTx, observed that “with the sale of
Fareston, GTx can now focus its research and development capabilities to
discover, develop and commercialize small molecules, like enobosarm, for
the prevention and treatment of muscle wasting in patients who have
non-small cell lung cancer and Capesaris® for men with
advanced prostate cancer. We are pleased that ProStrakan will continue
to make Fareston available to the many women in the U.S. who rely on it
as an effective treatment for their advanced breast cancer.”
About GTx
GTx, Inc., headquartered in Memphis, Tenn., is a biopharmaceutical
company dedicated to the discovery, development, and commercialization
of small molecules for the treatment of cancer, cancer supportive care,
and other serious medical conditions.
Forward-Looking Information is Subject to Risk and Uncertainty
This press release contains forward-looking statements based upon GTx's
current expectations. Forward-looking statements involve risks and
uncertainties, and include, but are not limited to, statements relating
to GTx's plans to focus its research and development capabilities on the
development and potential commercialization of enobosarm (also known as
Ostarine® or GTx-024) and Capesaris® (also known
as GTx-758). GTx's actual results and the timing of events could differ
materially from those anticipated in such forward-looking statements as
a result of these risks and uncertainties, which include, without
limitation, the risks (i) that GTx will not be able to commercialize its
product candidates if clinical trials do not demonstrate safety and
efficacy in humans; (ii) that GTx may not be able to obtain required
regulatory approvals to commercialize its product candidates in a timely
manner or at all; (iii) that clinical trials being conducted by GTx may
not be completed on schedule, or at all, or may otherwise be suspended
or terminated; or (iv) that GTx could utilize its available cash
resources sooner than it currently expects and may be unable to raise
capital when needed, which would force GTx to delay, reduce or eliminate
its product candidate development programs or commercialization efforts.
You should not place undue reliance on these forward-looking statements,
which apply only as of the date of this press release. GTx’s quarterly
report on Form 10-Q filed with the Securities and Exchange Commission on
August 8, 2012 contains under the heading, "Risk Factors", a more
comprehensive description of these and other risks to which GTx is
subject. GTx expressly disclaims any obligation or undertaking to
release publicly any updates or revisions to any forward-looking
statements contained herein to reflect any change in its expectations
with regard thereto or any change in events, conditions or circumstances
on which any such statements are based.
Source: GTx, Inc.
GTx, Inc.
Marc Hanover, 901-523-9700
COO and President
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