Coffee Break: GTx files to possibly issue stock

The Commercial Appeal
January 3, 2008

Memphis-based pharmaceutical company GTx Inc. has filed a document that could allow it to issue up to $100 million in stock, but a company spokesman said Wednesday that the firm has no current plans to do so.

The "shelf filing" that GTx recently sent to the Securities and Exchange Commission gives GTx flexibility to go to the markets to raise capital if it needs to, said McDavid Stilwell, a spokesman for the firm.

Any issuance of new stock would only come after the company receives data on trials of two forms of its experimental anti-prostate cancer drug, Acapodene, he said.

"What we've told people is we have no intention of raising money before we get our data back," he said.

GTx has never earned a profit, but has won fans on Wall Street for its promising experimental treatments.