Friday, biopharmaceutical company GTx, Inc. (GTXI) 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. GTx expects to record a charge of approximately $1.1 million related to the workforce reduction in the fourth quarter of 2009.
"The delay of the commercialization of toremifene 80 mg has forced us to make difficult choices," said Dr. Mitchell S. Steiner, chief executive officer or 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."
According to the company, the job cuts, effective immediately, represents approximately 28% of the total workforce. Employees affected by the action 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.
Memphis, Tennessee-based GTx said that it 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 androgen deprivation therapy, toremifene 20 mg for the prevention of prostate cancer in high risk men and potentially other product candidates.
The company said that it 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.
GTXI is currently trading on the Nasdaq at $3.89, down $0.02 or 0.51%. In after hours, the stock further lost $0.04 or 1.03%.
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