Boston, MA 05/22/2013 (wallstreetpr) – The pharmaceutical company involved in the development of drugs to prevent muscle wasting in cancer patients, GTx Inc. (NASDAQ:GTXI) experienced surge in share prices by 13.39 percent to close at $6.35 per share for the trading day. The company had readjusted its 52 week high price to new level of $6.39 per share, which was the intraday high price for the trading session. GTx Inc. (NASDAQ:GTXI)
Corporate Updates And Quarterly Financial Results
GTx Inc. (NASDAQ:GTXI) had recently announced the corporate updates and the reports on financial results for the first quarter. The pharmaceutical company is planning to research on new treatment therapy for women with metastatic breast cancer. GTx Inc. (NASDAQ:GTXI) is confident that its enobosarm treatment would prove helpful to treat the deadly metastatic breast cancer in women. In addition, GTx Inc. (NASDAQ:GTXI) also announced that the clinical trials of enobosarm treatment for muscle wasting in non-small lung cell cancer would be completed by the third quarter of this fiscal year.
GTx Inc. (NASDAQ:GTXI) reported net loss of $12.6 million for the first quarter, 2013 compared to the net loss of $11.1 million for the same quarter of 2012. This increase in loss for the company over the previous year was attributed to the sale of rights for FARESTON in September, 2012. Further, the increase in General and Administrative expenses and the R&D expenses of the company also resulted in GTx Inc. (NASDAQ:GTXI) reporting an increased net loss for the first quarter of this fiscal year.