GTx delays follow-on sale of 5 million shares

By Ronda Fears

Nashville, Sept. 23 - Men's health biotech research firm GTx Inc. announced Friday that it will delay its follow-on sale of 5 million shares of common stock.

Goldman Sachs & Co. is bookrunner of the deal, which was announced Sept. 15.

Lazard Capital Markets and SG Cowen & Co. are co-managers.

There is a greenshoe of 750,000 shares available.

Memphis-based GTx is focused on discovering treatments for prostate cancer and other serious health issues that affect men. Its lead research is centered on small molecules that selectively modulate the effects of estrogens and androgens, two essential classes of hormones. GTx currently has four clinical programs under way.

Last week, GTx said it agrees with and will implement recommendations from the Food and Drug Administration relating to a pivotal late-stage trial of its Acapodene, in development for the prevention of prostate cancer in high-risk men.

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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