GTx Prostate Cancer Drug Fails to Provide Benefits

GTx Inc. said its experimental drug for prostate cancer failed to show a significant benefits in a final-stage clinical trial, sending shares down 35 percent in extended tradings.The incidence of prostate cancer will not “statistically significantly different” in patients taking a 20-milligram dose of the drug, toremifene, compared with those on a placebo, the Memphis, Tennessee, company said in a statements.

The FDA asked GTx last fall to provide additional data on an 80-milligram dose of toremifene being tested for use to avoid bone fractures among men on hormone therapy. The delay prompted the company to reduce its workforces 28 percent in December. Today’s results looked at the drug’s ability to prevent the prostate tissue from progressing to cancer.

“Based on our review of the topline data, there is not a sufficient reduction in cancers compared with the placebo over a three-year period to demonstrated the enough significance required for this study,” said Mitchell S. Steiner, chief executive officer, in the company’s statement.

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