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MEMPHIS, Tenn. - Biopharmaceutical company GTx Inc. said Tuesday its second-quarter loss widened due to higher research and development expenses and administrative costs.
| GTXI | 16.92 |  0.32 |
The company lost $13.2 million, or 37 cents per share, compared with a loss of $9.2 million, or 26 cents per share, in the prior-year period. Revenue rose to $3 million from $1.8 million in the year-ago period.
Analysts surveyed by Thomson Financial expected a loss of 38 cents per share on revenue of $3.8 million.
GTx said its research and development expenses jumped 21 percent to $10.4 million while general and administrative expenses rose 78 percent to $6.4 million.
The company said it is continuing development of toremifene for the prevention of fractures and treatment of other estrogen related serious side effects of androgen deprivation therapy in men with advanced prostate cancer. It expects late-stage study results next year.
Shares of GTX rose 2 cents to $17.75 in morning trading.
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