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GTx to cut workforce by 60%, CFO resigns

  • GTx (GTXI) is set to implement a "workforce reduction" totaling around 60% of its staff.
  • The reason for the move: The need to preserve cash while the company considers a path forward for enobosarm after the drug "failed to meet the overall criteria for the co-primary endpoints ... as agreed upon by the FDA." (see here and here for more)
  • GTXI will take a $1.3M charge in Q4 tied to severance payments.
  • CFO Mark Mosteller is resigning "to pursue other interests" effective December 31.
  • CEO Mitchell Steiner will take a 20% pay cut and will now make just $452,088. (8-K)
Comments (1)
  • >CEO Mitchell Steiner will take a 20% pay cut and will now make just $452,088. (8-K< ....... will now just make $452,088/year....my heart bleeds for him. Oh my, just $452,088 a year?

     

    Any other doctor would be thrilled to make that! His research failed and he should no longer be on the company's payroll at all.
    2 Oct 2013, 06:03 AM Reply Like
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