MEMPHIS ( TheStreet) -- Don't for a second believe GTx (GTXI) CEO Mitch Steiner's B.S. spin about a potential survival benefit emerging from the failed phase III studies of enobosarm. Steiner is simply desperate to keep his company's stock price trading above cash where it belongs.
GTx shares are down 62% to $1.57 following the disclosure Monday that enobosarm failed to increase lean body mass and improve physical function across two phase III studies of non-small cell lung cancer patients.
The negative trial results for enobosarm, a selective androgen receptor modulator (SARM), come as no surprise to any investor who
dug deep into the previously reported -- and deeply flawed -- phase II study.
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