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Biotech / Medical : Biotech Restructurings

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From: pgo-neil	12/14/2009 11:39:00 PM
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GTXI reduces headcount by about 28%. Still waiting on word from FDA on Torrmifene. This would be about 45 people thrown into the Memphis economy... Are there other Biotechs in Memphis? graham -- phx.corporate-ir.net GTx Announces Reduction in Force Company Realigns Cost Structure Following Delay in Potential Commercialization of Toremifene 80 mg MEMPHIS, Tenn.--(BUSINESS WIRE)--Dec. 11, 2009-- GTx, Inc. (Nasdaq: GTXI) today announced a reduction in force reflecting the delay in the potential commercialization of toremifene 80 mg to reduce fractures in men with prostate cancer on androgen deprivation therapy (ADT). “The delay of the commercialization of toremifene 80 mg has forced us to make difficult choices,” said Dr. Mitchell S. Steiner, CEO of GTx. “We appreciate the contributions the employees affected by today’s announcement have made to GTx and are grateful for their efforts and dedication.” The reduction in force, effective immediately, represents approximately 28% of the total workforce. Employees affected by the reduction in force will be eligible for severance pay and continuation of medical benefits. Employees remaining with the company will not receive an increase in base salaries for 2010 or any bonus compensation for 2009. GTx is retaining its senior commercial and medical leadership team in order to remain prepared for the potential commercialization of toremifene 80 mg to reduce fractures in men with prostate cancer on ADT, toremifene 20 mg for the prevention of prostate cancer in high risk men and potentially other product candidates. GTx expects to provide an update on the status of the toremifene 80 mg clinical development program after it has met with the United States Food and Drug Administration and completed an assessment of the most appropriate path forward. GTx expects to record a charge of approximately $1.1 million related to the workforce reduction in the fourth quarter of 2009.

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