Shares of GTx Inc. (GTXI) plunged 32% to $2.06 today, and earlier touched $1.90, the lowest in its six-year history as a public company. Late Tuesday GTx shares dropped more than 35% in after market trading after the developer of a prostate-cancer drug reported disappointing results from a Phase III clinical trial for its drug candidate toremifene.
The Memphis, Tenn – based company said a clinical trial of toremifene showed a 10.2 percent lower incidence of prostate cancer in men receiving the drug but the results of the treatment were “not statistically significantly different” compared to a dummy drug over a three-year period. GTx used 1,590 men in a three-year clinical trial of the drug.
GTXI lost $0.94, or 31.13%, to $2.08 rtq at 1:22 E.T. in Nasdaq composite trading.