GTx, Inc. (Nasdaq: GTXI) today provided an update regarding the
initiatives being taken to address the Company's continued listing on
The NASDAQ Capital Market. As previously reported, on October 8, 2014,
the Company received correspondence from NASDAQ regarding the Company's
non-compliance with the $1.00 minimum bid price requirement for
continued listing on The NASDAQ Global Market.
The Company is addressing the bid price deficiency in the following
manner:
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The Company had requested and, on March 16, 2015, received approval
from The NASDAQ Stock Market to transfer its listing from The NASDAQ
Global Market to The NASDAQ Capital Market. The transfer was effective
at the opening of trading on March 19, 2015, and the Company’s common
stock continues to trade under the symbol "GTXI."
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On April 1, 2015, the Company was afforded an additional 180-day grace
period, through September 28, 2015, to comply with the minimum $1.00
bid price requirement, by which date the Company’s common stock must
trade above $1.00 for at least ten consecutive business days. The
Company has also provided written notice to NASDAQ of its intention to
cure the minimum bid price deficiency during the additional 180-day
grace period by effecting a reverse stock split, if necessary.
The Company remains focused on targeting the androgen receptor in women
with advanced breast cancer using enobosarm, the Company’s oral
nonsteroidal selective androgen receptor modulator. As of December 31,
2014, the Company’s cash and short-term investments were $49.3 million.
About NASDAQ Global and Capital Markets
The NASDAQ Capital Market is a continuous trading market that operates
in the same manner as The NASDAQ Global Market. The NASDAQ Capital
Market includes the securities of approximately 700 companies. All
companies listed on The NASDAQ Capital Market must meet certain
financial requirements and adhere to NASDAQ's corporate governance
standards.
About GTx
GTx, Inc., headquartered in Memphis, Tenn., is a biopharmaceutical
company dedicated to the discovery, development, and commercialization
of small molecules for the treatment of cancer, including treatments for
breast and prostate cancer, and other serious medical conditions.
Forward-Looking Information is Subject to Risk and Uncertainty
This press release contains forward-looking statements based upon
GTx's current expectations. Forward-looking statements involve risks and
uncertainties, and include, but are not limited to, statements relating
to GTx's ability to cure the minimum bid price deficiency and remain
listed on The NASDAQ Capital Market, and statements related to GTx’s
enobosarm development program. GTx’s actual results and the timing of
events could differ materially from those anticipated in such
forward-looking statements as a result of these risks and uncertainties
which include, without limitation, the risks (i) GTx may be unable to
cure the minimum bid price deficiency, including by effecting a reverse
stock split; (ii) even if GTx is able to cure the minimum bid price
deficiency, GTx may be unable to meet other applicable NASDAQ listing
requirements, including maintaining minimum levels of stockholders'
equity or market values of GTx’s common stock in which case, GTx’s
common stock could be delisted notwithstanding its ability to
demonstrate compliance with the minimum bid price requirement; (iii)
that the development of enobosarm for the treatment of advanced breast
cancer is at an early stage and is subject to the significant risk of
failure inherent in the development of early-stage product candidates;
(iv) that GTx may not be able to obtain required regulatory approvals to
advance the development of enobosarm in a timely manner or at all; and
(v) related to GTx’s need for additional capital, including the
potential that GTx may be unable to raise capital when needed, which
would force GTx to delay, reduce or eliminate its enobosarm development
program. You should not place undue reliance on these forward-looking
statements, which apply only as of the date of this press release. GTx’s
annual report on Form 10-K for the year ended December 31, 2014 contains
under the heading, “Risk Factors”, a more comprehensive description of
these and other risks to which GTx is subject. GTx expressly disclaims
any obligation or undertaking to release publicly any updates or
revisions to any forward-looking statements contained herein to reflect
any change in its expectations with regard thereto or any change in
events, conditions or circumstances on which any such statements are
based.
Copyright Business Wire 2015