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I NEED $240 TO GET EVEN.
GTXI reverse merger with private firm Oncternal
By Greg Akers – Editor-in-Chief, Memphis Business Journal
4 hours ago
GTx Inc., the publicly traded company founded in Memphis in 1997 to develop new cancer treatments, has entered into a merger agreement that will see it relocated to San Diego.
Stockholders of the privately held biotech firm Oncternal Therapeutics Inc. will become the majority owners of GTx's outstanding common stock — holding about 75 percent of the new company's stock — a news release said.
The company will be still be named Oncternal Therapeutics and will be publicly traded and listed on Nasdaq with the ticker symbol of ONCT.
Oncternal does not anticipate retaining any GTx employees once the merger is completed, according to the release. The biopharmaceutical firm has 27 employees — 25 of them local — according to MBJ research.
GTx is currently headquartered on the 7th floor of 175 Toyota Plaza Downtown. CEO Marc Hanover was the ninth-highest compensated executive in the Memphis area, with a total compensation of $984,000 in 2017.
The new firm will have a war chest of about $26 million if the merger closes as expected by the end of the second quarter of 2019.
Both companies have multiple cancer treatments in the clinical trial pipeline, and the funds would help get some of Oncternal's treatments into advanced phases and closer to applications with the U.S. Food and Drug Administration.
“This transaction with Oncternal reflects the continued commitment of our management team and Board of Directors to deliver value to stockholders and make a difference in patients’ lives,” said Robert J. Wills, executive chairman of GTx. “Following a thorough review of strategic alternatives, we have determined that a reverse merger with Oncternal will enable GTx investors to participate in Oncternal’s broader pipeline of oncology opportunities, including product candidates designed to address rare disease indications, and enable the continued development of our first-in-class SARD technology by a company whose leadership has deep experience in developing oncology medicines.”
Oncternal's CEO, Dr. James Breitmeyer, will retain that title for the combined company.
“This merger introduces Oncternal and its promising oncology pipeline to the public market and provides additional capital resources to advance our programs to potential value inflection points,” Breitmeyer said. "The addition of GTx’s SARD technology strengthens our pipeline and augments our entire oncology franchise, which includes a range of therapeutic approaches for a variety of difficult to treat cancers.”
Could this happen to Advaxis?
Slightly more buying than selling in the first 41 minutes. Big funds buying from those selling, perhaps?
Does anyone know if there is audio or a transcript from yesterday. It would be nice to hear the nuances of the presentation or any thoughts by the presenters that would provide more "color".
Why couldn't the share price have gone up 55% and 47% in a week's time when the share price was $30. I'd be long gone and would have avoided the angst that the last three years have given me.
Whether there is an NDA or not, Advaxis ain't talkin'.
Considering the cost of medicine these days, what would be considered too high a cost to manufacture? $1000 a dose? $10000 a dose? $20000 a dose? More? I know it would be a sliding scale dependent on efficacy.
It would be nice to get confirmation from Advaxis on this theory.
Just over 24,000 shares traded at .3585
With all this "good news" coming, per Ken, I just hope that we have enough cash to get us there.
I see from the last event that one of the big things the conference offered was free mints! Sign me up!
From what I can see, this LD Micro event is really a gathering of presenting micro cap companies looking for more funding. Kind of like shark tank!
I'm hoping for good also. The only problem is that every time Advaxis talks, shareholders get skewered.
What happens to the share price if the offering is under subscribed?
Who and/or what is OS Therapies? Ars they the same kind of companies that Advaxis has dealt with in the past? Or are they actually a legit company?
Over 2 million shares traded today. Have the shackles come off?
328,000 shares traded first 1/2 hour. EOM
Just looked at AZN message boards on yahoo and ihub. Absolute crickets! The hold being released must mean nothing on those boards.
Over 4 million shares traded in first hour and we are only up .23 and the share price is degrading. Really disappointing.
What are you talking about? They are laying off 24% of the workforce today.
That being thought-would ADXS shareholders want him or someone from his team on the ADXS Board of Directors?
ADXS is the #90 ranked company out of the 137 companies that Perceptive has invested in as far as the market value of Perceptive's investment. Per whalewisdom.
Good volume in the last minute of trading. Here's hoping that it's not a head fake cross-over that causes adxs to fall over tomorrow.
0%. I've been 100% wrong so far on Advaxis. I'm hoping to be wrong on this prediction. 15 gets me about 90% back.
Good volume last half hour.
Isn't this good news. ADXS is up 3 cents on 58000 shares in the first 15 minutes. I would have thought that maybe at least the "trickle" gates would open. I was really hoping that the "flood" gates would open.
click the "x" that is located at the upper right hand corner of the crawler.
Bought 200 more today. Filled in a funny manor. 8 fills @ 5 shares each, a 3 share fill, a 25 share fill, a 40 share fill and a 92 share fill.
I would need a 1 in front of the 6 to make me whole.
Don't think that that is going to happen.
No but that wasn't the question. Why would anyone associated with a company that is getting torched elect to sign up to a social media site only to see people talking bad about the company, about your spouse or about yourself. That would make no sense. That was why I thought that just by their joining the group, maybe better times would be had by the company. They don't have to say anything (and probably can't or won't).
Don't you talk about your work with your spouse/girlfriend?
Ranya Dajani and Robert Petit's wife supposedly joined the Adxs shareholder's facebook page. If it is them, I can't believe they would join if the company was not going to go the right way.
TC- Did you get a response?
Looking at Chris Dukes' presentation, I wonder if it was patient 5 or 11 that was the cause of the hold. Also, it looks like there were other deaths that occured in the combo with AZ.
Just bought another 200 @ $1.74.
Never heard that he had left Advaxis.
With all this "news" on here, I guess the existing shareholders should buy all the shares they can tomorrow. Also, the Advaxis workers will never get to buy those 1,000,000 shares that got set aside for them since the company will be sold. Looks like we won't have to worry about those 30,000,000 shares coming on line either. What a waste of time debating and worrying about those issues.
It looks like adxs is back on the 100 share trade train per nasdaq site.
When I first started reading your message Bourbon, I thought I was reading haiku (Japanese poetry)!