GTx greenshoe exercised in full, upping stock offer to 6,325,000 shares

By Jennifer Chiou

New York, Oct. 14 - GTx, Inc. announced underwriters fully exercised an 825,000-share over-allotment option, raising its recent stock offering to 6,325,000 shares.

The company priced 5.5 million shares at $7.80 per share in line with Oct. 11's close.

The offering and greenshoe were increased from 5 million shares and 750,000 shares, respectively, at the time the deal closed.

Lazard Capital Markets and SG Cowen & Co. were joint bookrunners of the offering, which was postponed on Sept. 23. Former bookrunner Goldman Sachs & Co. was dropped from the syndicate.

Memphis-based GTx is focused on discovery treatments for prostate cancer and health issues that affect men. Its lead research is centered on small molecules that modulate the effects of estrogens and androgens. GTx has four clinical programs under way.

As already reported, the Food and Drug Administration requested the company to conduct further studies on its prostrate cancer drug Acapodene. The phase III trial will be evaluated at 36 months, with an interim evaluation at 24 months. If a sufficient reduction in prostate cancer at 24 months is achieved, GTx said it could potentially file a new drug application based on that data.

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