GTx Announces Sale of Fareston for $21.7M

GTx,

announced today that it has sold to ProStrakan Group plc (ProStrakan) its rights and related assets in the metastatic breast cancer product, Fareston®, for total cash consideration of $21.7 million. After deducting cash expenses relating to the transaction, GTx will receive net cash proceeds from the sale of approximately $19 million. Fareston (toremifene citrate) 60 mg tablets is a selective estrogen receptor modulator approved in the United States for the treatment of metastatic breast cancer in postmenopausal women. ProStrakan, which is a subsidiary of the pharmaceutical company, Kyowa Hakko Kirin Co. Ltd., executed an Asset Purchase Agreement with GTx to acquire GTx's exclusive rights in the U.S. to Fareston, along with