Exhibit 99.1
Carney Duntsch Jonathan M. Nugent
Investor and Media Relations Kathy L. Nugent Ph. D.
GTx, Inc. Burns McClellan Inc.
901-523-9700 ext. 170 212-213-0006
GTx, Inc. Announces the Appointment of
Timothy R. G. Sear to its Board of Directors
Memphis, Tenn.--October 7, 2004--GTx, Inc., (Nasdaq: GTXI) a biopharmaceutical
company dedicated to the discovery, development and commercialization of
therapeutics primarily related to the treatment of serious men's health
conditions today announced the appointment of Mr. Timothy R.G. Sear to its Board
of Directors. Mr. Sear currently serves as Chairman of Alcon, Inc., having
retired from the offices of President and Chief Executive Officer on September
30, 2004.
"We are pleased to welcome Mr. Sear to our board of directors," said Mitchell
Steiner, M.D., CEO of GTx. "Mr. Sear brings to GTx his strong experience in
pharma industry specific product development, commercialization and sales. We
look forward to benefiting from his business and financial background, as well
as his commercial experience in building a company focused on a niche area in
the global therapeutic healthcare industry."
During his long tenure at Alcon, revenues increased by more than a hundred times
from $30 million to over $3.4 billion, almost entirely derived from a single
international specialty market in ophthamology. Prior to his current role, Mr.
Sear served as Executive Vice President for U.S. Operations from 1996 through
1997 and also as Executive Vice President for Alcon's International Division
from 1988 to 1996. Earlier in his career Mr. Sear managed international
assignments in Africa, the Far East and Australia for Mead Johnson, a division
of Bristol Myers. Tim Sear is a graduate of Manchester University in the UK,
Copenhagen University, Denmark and received an MBA in International Business
from Indiana University. He is also a graduate of Harvard University's Advanced
Management Program.
ABOUT GTX
GTx is a biopharmaceutical company dedicated to the discovery, development and
commercialization of therapeutics primarily related to the treatment of serious
men's health conditions. GTx's drug discovery and development programs are
focused on small molecules that selectively modulate the effects of estrogens
and androgens. GTx currently has two product candidates that are in human
clinical trials. The company is developing ACAPODENE(TM), its most advanced
product candidate, through clinical trials for two separate indications: (1) a
planned pivotal Phase III clinical trial for the reduction in the incidence of
prostate cancer in high risk men .(2) a pivotal Phase III clinical trial for the
treatment of serious side effects of advanced prostate cancer therapy. GTx is
developing its second product candidate, andarine, and other specified backup
compounds, with its partner, Ortho Biotech Products, L.P., a subsidiary of
Johnson & Johnson. It is currently anticipated that andarine will be entering a
planned Phase II clinical trial later this year or in early 2005. GTx retains
all rights to the discovery, development, and commercialization of the rest of
its SARM program including its other specific product candidates ostarine,
prostarine and andromustine.
Forward-Looking Statement
This press release contains forward-looking statements, including, without
limitation, statements related to GTx's current and anticipated clinical trials
and research and development programs. These forward-looking statements are
based upon GTx's current expectations. 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 that
neither GTx nor its partner will be able to commercialize its product candidates
if preclinical studies do not produce successful results or clinical trials do
not demonstrate safety and efficacy in humans; if third parties do not
manufacture the Company's product candidates in sufficient quantities and at an
acceptable cost, clinical development and commercialization of its product
candidates would be delayed; use of third-party manufacturers may increase the
risk that the Company will not have adequate supplies of its product candidates;
if third parties on whom the Company relies do not perform as contractually
required or expected, the Company may not be able to obtain regulatory approval
for or commercialize its product candidates; the Company is dependent upon
collaborative arrangements to complete the development and commercialization of
some of its product candidates, and these collaborative arrangements may place
the development of its product candidates outside its control, may require it to
relinquish important rights or may otherwise be on terms unfavorable to the
Company; and if the Company is not able to obtain required regulatory approvals,
the Company will not be able to commercialize its product candidates. The annual
report filed on Form 10-K with the U.S. Securities and Exchange Commission on
March 26, 2004 contains under the heading "Additional Factors That Might Affect
Future Results" 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.