GTx Announces Pricing of Public Offering of Common Stock

MEMPHIS, Tenn.--()--GTx, Inc. (Nasdaq: GTXI) today announced the pricing of its previously announced underwritten public offering of 10,000,000 shares of its common stock, offered at a price of $4.75 per share to the public. The gross proceeds to GTx from this offering are expected to be approximately $47.5 million, before deducting the underwriting discount and other estimated offering expenses payable by GTx. GTx has granted the underwriters a 30-day option to purchase up to an aggregate of 1,500,000 additional shares of common stock to cover over-allotments, if any. All of the shares in the offering are to be sold by GTx. The offering is expected to close on or about June 28, 2011, subject to customary closing conditions.

Citi and Jefferies & Company, Inc. are acting as joint book-running managers and underwriters for the proposed offering.

GTx intends to use the net proceeds from this offering for clinical development and other research and development activities and for working capital and general corporate purposes.

A shelf registration statement relating to the shares was filed with the Securities and Exchange Commission (SEC) and is effective. A final prospectus supplement relating to the offering will be filed with the SEC and will be available on the SEC’s website at http://www.sec.gov. Copies of the final prospectus supplement relating to the offering may be obtained from the prospectus department of Citi, 140 58th Street, 8th Floor, Brooklyn, New York 11220, Telephone: (800) 831-9146, or by email at batprospectusdept@citi.com, or from the offices of Jefferies & Company, Inc., Equity Syndicate Prospectus Department, at 520 Madison Avenue, New York, NY 10022, Telephone: (877) 547-6340.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.

About GTx

GTx, Inc., headquartered in Memphis, Tenn., is a biopharmaceutical company dedicated to the discovery, development, and commercialization of small molecules that selectively target hormone pathways for the treatment of cancer, cancer supportive care, 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 include, but are not limited to, statements relating to GTx’s expectations regarding the completion and timing of the public offering. Forward-looking statements involve risks and uncertainties. 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, risks and uncertainties related to the satisfaction of customary closing conditions related to the public offering. There can be no assurance that GTx will be able to complete the public offering on the anticipated terms, or at all. GTx will continue to need significant additional capital to fund its operations and may be unable to raise capital when needed, which would force GTx to delay, reduce or eliminate its product candidate development programs or commercialization efforts. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this press release. Additional risks and uncertainties relating to the public offering, GTx and its business can be found under the heading “Risk Factors” in GTx’s preliminary prospectus supplement related to the public offering filed with the Securities and Exchange Commission on June 22, 2011. 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.

Contacts

GTx, Inc.
McDavid Stilwell, 901-523-9700
Director of Corporate Communications

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Contacts

GTx, Inc.
McDavid Stilwell, 901-523-9700
Director of Corporate Communications