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GTx 1Q loss widens on higher research and development costs

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May 12, 2008

MEMPHIS, Tenn.—Biopharmaceutical company GTx Inc. said Monday its first-quarter loss widened due to higher research and development expenses and administrative costs.

The company lost $12.7 million, or 35 cents per share, compared with $8.1 million, or 23 cents per share, in the prior-year period.

Revenue rose 170 percent to $4.5 million from $1.7 million in the year-ago period.

Analysts surveyed by Thomson Financial expected a loss of 30 cents per share on revenue of $3.7 million.

GTx said its research and development expenses jumped 75 percent to $14 million from $8 million. The company's latest-stage candidate is Acapodene for the treatment of androgen deprivation therapy side effects and prevention of prostate cancer. Androgen deprivation therapy is commonly used to treat prostate cancer.

The company said it plans to file a new drug application for Acapodene with the Food and Drugs Administration this summer.

General and administrative expenses rose 39 percent to $4.3 million from $3.1 million.

Shares of GTX closed Friday at $17.46.

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