Las Vegas, NV -- (SBWIRE) -- 09/04/2013 -- GTx, Inc. (NASDAQ:GTXI) is being investigated by Shareholders rights attorneys at Robbins Arroyo on the behalf of the claims of shareholders of the company.
GTx Inc. develops and commercializes small molecules for the cancer treatment, cancer supportive care and other serious medical conditions. The investigation of Robbins Arroyo is concerned with whether officers and directors of GTx have made misleading statements to the investing public. On 19th August, 2013, GTx announced the results of two of its Phase III enobosarm clinical trials. Enobosarm was developed for the prevention and treatment of muscle wasting in patients with non-small cell lung cancer.
GTx, Inc. announced that the clinical trials for enobosarm had failed to meet the goals of improving body mass and physical function in cancer patients, and was also agreed upon with the U.S. Food and Drug Administration. With the release of this news, GTx stock declined nearly 66% to close at $1.43 on 19th August, 2013.
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