GTx (GTXI) Cuts Workforce by 15%, Sees Q211 Compensation Expenses

GTx, Inc. (Nasdaq: GTXI) reports that it has reduced its workforce by 16 employees.

Cuts include three non-executive officers of the Company, constituting approximately 15 percent of the Company’s workforce, impacting the Company’s commercial department and certain other departments of the Company.

As a result of the workforce reduction, the Company estimates that it will record in the second quarter of 2011, a one-time compensation expense charge related to severance benefits of approximately $700,000 and a one-time, non-cash compensation expense charge related to amending the affected officers’ stock options of approximately $500,000.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Fed’s Daly sees bond market as policy signal
• Nordson Corp. (NDSN) Tops Q3 EPS by 16c; Offers Guidance
• Opera Limited (OPRA) Misses Q2 EPS by 1c ; Offers Guidance