GTx Appoints Robert J. Wills, Ph.D. to Board of Directors
GTx, Inc. (NASDAQ:GTXI) today announced that Robert J. Wills, Ph.D., has been appointed to the Company’s Board of Directors and will serve as GTx’s Executive Chairman as well as the Chairman of the Board’s Scientific and Development Committee, in each case effective March 2, 2015. Dr. Wills, who is retiring from Johnson & Johnson, brings to GTx over 35 years of pharmaceutical knowledge and operational experience, including preclinical and clinical research and development, business development and strategic partnering.
As Executive Chairman, Dr. Wills will support Marc Hanover, the Company’s Chief Executive Officer, in leading the Company’s clinical trials and business development activities, as well as the Company’s external communications with shareholders, investors and analysts. GTx’s current Chairman of the Board, J.R. Hyde, III, will become the Lead Director when Dr. Wills joins the GTx Board.
“We are extremely pleased that Rob Wills will be joining our Board and taking a hands-on role to assist the Board in overseeing key strategic areas of the company,” said J.R. Hyde, III, GTx’s current Board Chair. “Our Board has been looking for an industry executive to complement Marc Hanover’s deep knowledge of the company, and we believe Marc and Rob are perfectly matched to drive the development and value of our clinical assets.”
Dr. Wills added, “This is an exciting time to be joining GTx as the company looks to expand its clinical development efforts, including two planned Phase 2 clinical trials of enobosarm in Estrogen Receptor and Androgen Receptor (AR) positive breast cancer and AR positive Triple Negative Breast Cancer. I look forward to working closely with Marc and the GTx team to achieve the organization’s overall business goals.”
At Johnson & Johnson (J&J), Dr. Wills served as Vice President, Alliance Manager and was responsible for managing strategic alliances for the Pharmaceutical Group worldwide since 2002. Prior to this, Dr. Wills spent 22 years in pharmaceutical drug development, 12 of which were at Johnson & Johnson and 10 at Hoffmann-LaRoche. Before assuming his alliance management role, Dr. Wills served as Senior Vice President Global Development at J&J where he was responsible for its late stage development pipeline and was a member of several internal commercial and research and development operating boards. Dr. Wills holds a B.S. in Biochemistry and a M.S. in Pharmaceutics from the University of Wisconsin and a Ph.D. in Pharmaceutics from the University of Texas.
GTx, Inc., headquartered in Memphis, Tenn., is a biopharmaceutical company dedicated to the discovery, development, and commercialization of small molecules for the treatment of cancer, including treatments for breast and prostate cancer, cancer supportive care, including prevention and treatment of cancer-related muscle wasting, and other serious medical conditions.
Forward-Looking Information is Subject to Risk and Uncertainty
This press release contains forward-looking statements based upon GTx’s current expectations. Forward-looking statements involve risks and uncertainties, and include, but are not limited to, statements related to Dr. Wills’ appointment to GTx’s Board of Directors and as its Executive Chairman and the expected timing thereof, statements related to GTx’s planned enobosarm clinical trials in Estrogen Receptor (ER) and AR positive breast cancer and AR positive Triple Negative Breast Cancer, or the planned Breast Cancer Studies, statements related to the development and future value of GTx’s clinical assets, and other statements that do not reflect historical facts. GTx’s actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation, the risks (i) that GTx’s two planned Breast Cancer Studies may not be initiated or completed on schedule, or at all, or may otherwise be suspended or terminated; (ii) that the development of enobosarm for the treatment of patients with ER and AR positive breast cancer and AR positive Triple Negative Breast Cancer is at an early stage and is subject to the significant risk of failure inherent in the development of early-stage product candidates; (iii) that GTx may not be able to obtain required regulatory approvals to advance the development of or commercialize enobosarm or other product candidates in a timely manner or at all; and (iv) related to GTx’s need for additional capital, including the potential that GTx may unable to raise capital when needed, whether through strategic transactions, financings or otherwise, including to potentially complete the two planned Breast Cancer Studies, which would force GTx to delay, reduce or eliminate its product candidate development programs. GTx’s actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this press release. GTx’s quarterly report on Form 10-Q for the quarter ended September 30, 2014 contains under the heading “Risk Factors” a more comprehensive description of these and other risks to which GTx is subject. GTx expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based.
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