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news.GTx, a biopharmaceutical company engaged in the discovery, development, and commercialization of small molecules, has reported revenues of $9.3m for the first quarter ended 31 March 2011, compared to $56.58m for the same period in 2010.
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The company has reported a net loss of $2.6m, or $0.05 loss per diluted share, compared to net income of $44.34m or $1.22 per diluted share, for the same period last year.
GTx‘s loss from operations was $2.9m, as compared to $44.27m for the same period prior year.
GTx CEO Mitchell Steiner said they have made strong progress in both the Ostarine and Capesaris clinical development programs.
"We plan to initiate a Phase IIb clinical trial comparing Capesaris to Lupron in advanced prostate cancer patients in the second quarter of 2011," Steiner said.
"We expect this study to enroll quickly and to have primary efficacy results from this open label study in the fourth quarter of this year."