MEMPHIS, Tenn.--(BUSINESS WIRE)-- GTx, Inc. (Nasdaq: GTXI) announced that the company has been awarded approximately $1.2 million by the United States Government under the Qualifying Therapeutic Discovery Project Program (QTDP), a $1 billion fund established under HR: 3590 – Patient Protection and Affordable Care Act. The QTDP provides a tax credit or cash grant to companies with 250 or fewer employees to cover up to 50 percent of qualified investments in projects aimed at creating new therapies, reducing long-term health care costs, or significantly advancing the goal of curing cancer within the next 30 years. The grant to GTx comprises separate payments of $244,000 for each of five cancer and cancer supportive care research and development programs.
“We are pleased to receive this recognition and these funds which will help GTx advance our pipeline of clinical and preclinical product candidates,” said Mitchell S. Steiner, MD, CEO of GTx.
Projects were selected jointly by the Treasury Department and the Department of Health and Human Services. For more information please visit: http://grants.nih.gov/grants/funding/QTDP_PIM/.
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 and prevention of cancer, the treatment of side effects of anticancer therapy, 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 plans to advance its clinical product candidates, including GTx-758 Ostarine™ and toremifene 80 mg. 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. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this press release. GTx’s Current Report on Form 8-K, filed with the Securities and Exchange Commission on October 26, 2010, contains under the heading, “Risk Factors” in exhibit 99.2 thereto, a more comprehensive description of these and other risks to which GTx is subject. 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.
McDavid Stilwell, 901-523-9700
Director, Corporate Communications and Financial Analysis
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