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dav1234

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dav1234

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Tuesday, 10/01/2013 5:20:51 PM

Tuesday, October 01, 2013 5:20:51 PM

Post# of 252444

GTx to cut workforce by 60%, CFO resigns
GTx (GTXI) is set to implement a "workforce reduction" totaling around 60% of its staff.The reason for the move: The need to preserve cash while the company considers a path forward for enobosarm after the drug "failed to meet the overall criteria for the co-primary endpoints ... as agreed upon by the FDA." (see here and here for more)GTXI will take a $1.3M charge in Q4 tied to severance payments.CFO Mark Mosteller is resigning "to pursue other interests" effective December 31.CEO Mitchell Steiner will take a 20% pay cut and will now make just $452,088.
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