Monday, bio-pharmaceutical company GTX Inc. (GTXI), reported that its third quarter net loss widened from a year-ago on higher costs and expenses.
Memphis, Tennessee-based GTX said its third-quarter net loss widened to $12.82 million from $11.92 million in the same period last year. On a per share basis, net loss was $0.35 versus $0.33 year-ago.
On average, six analysts polled by Thomson Reuters anticipated a loss of $0.35 per share for the quarter. Analysts' estimates typically exclude one-time items.
Though, revenues for the July-September period increased to $3.6 million from $3.05 million last year, Wall street had expected the company to report a higher $3.97 million in revenues for the quarter.
The company's flagship product Fareston, generically known as toremifene citrate, marketed for the treatment of metastatic breast cancer in postmenopausal women, earned higher at $719,000 in the recently ended quarter, compared with $315,000 contributed last year. Third quarter revenues also included $0.2 million higher contributions at $2.9 million for the period from the company's collaboration with Ipsen Developments Ltd. and Merck & Co. Inc.
The company's total costs and expenses escalated to $16.45 million from $15.54 million, led by $1.88 million higher general and administrative expenses, offset partially by lower research and development costs.
For the first nine months of the year, the company's net loss narrowed to $35.38 million or $0.97 per share from $37.91 million or $1.05 per share last year. Revenues rose to $11.05 million from $10.53 million in the same nine-month period of 2008.
GTX said that its New Drug Application for Toremifene 80 mg, for the treatment of fractures in men with prostate cancer on androgen deprivation therapy, received a complete response letter from the U.S. Food and Drug Administration in October 2009. "We are committed to working with the agency to understand the next steps required to bring this drug to patients," it added.
The company also said that it plans to initiate a Phase II clinical trial evaluating Ostarine for the treatment of muscle loss in patients with chronic obstructive pulmonary disease, a Phase IIb clinical trial evaluating the same compound for the treating chronic sarcopenia and another Phase II evaluating its oral luteinizing hormone inhibitor GTx-758 for advanced prostate cancer, all in 2010.
GTXI is currently trading at $3.77, down by 10 cents or 2.58% on 463 thousand shares, on the Nasdaq.
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