GTx, Inc (NASDAQ:GTXI) Stock Decline


Dallas, Texas 03/26/2014 (FINANCIALSTRENDS) – GTx, Inc (NASDAQ:GTXI)’s major shareholder named Jack W. Schuler offloaded 1,192,251 GTx, Inc (NASDAQ:GTXI) shares in the open market in the transaction that was dated 21 March. These shares were sold-off at an average-price of $1.84, for a total-transaction of $2,193,741.84. Post this transaction, Schuler now directly-owns 6,165,261 GTx, Inc (NASDAQ:GTXI) shares, valued at around $11,344,080. This transaction was disclosed in the legal-filing with Securities & Exchange Commission,  GTx, Inc (NASDAQ:GTXI) last issued the company’s quarterly-earnings data on 4 March . It reported earnings per share of $0.12 for the quarter, which topped the average projection of $0.13 by $0.01. In the same quarter in the previous year, GTx, Inc (NASDAQ:GTXI) posted earnings per share of $0.17. On an average, analysts project that GTx, Inc (NASDAQ:GTXI) will post earnings per share of $-0.43 for the current financial year.

GTx, Inc (NASDAQ:GTXI) also recently announced that it had closed its previously-announced private-placement of common stock & warrants to buy its common stock. In this private placement, GTx, Inc (NASDAQ:GTXI) issued 11,976,048 immediately-separable units, that comprised of the aggregate of 11,976,048 newly-issued-shares of its common stock and the warrants to purchase upto 10,179,642 added shares of its common stock. The purchasers were J.R. Hyde, III, who is the chairman of GTx, Inc (NASDAQ:GTXI)’s Board of Directors & The Pyramid Peak Foundation. The gross proceeds from this offering were around $21.3M.

In connection with this private placement, GTx, Inc (NASDAQ:GTXI) has agreed, subject to the certain terms & conditions, to file the registration-statement under its Securities Act that covers the resale of its shares of common-stock that have been sold in this private placement, including shares of its common stock that underlie the warrants, within 180-days after closing. GTx, Inc (NASDAQ:GTXI) is a bio pharma company that is developing selective androgen- receptor modulators. These are drugs that have the potential to prevent & treat muscle- wasting in patients.