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)