UPDATE 1-GTx cuts 15 pct of workforce after discontinuing cancer drug 6:18 pm ET 06/01/2011 - Reuters * Says to complete job cuts by June end * Says will incur a charge of $1.2 mln (Follows alert) June 1 (Reuters) - GTx Inc said it cut 16 jobs, or 15 percent of its workforce, after the biopharmaceutical company decided to discontinue development and commercialization of its experimental prostate cancer drug. The company will incur a charge of about $700,000 in the second quarter related to severance. It will also incur a one-time charge of about $500,000 related to amending the affected officers' stock options. The company said it will complete the workforce reduction by the end of this month. In May last year, the drug, toremifene, at 20 milligrams dosage, did not show sufficient reduction in cancers compared to a dummy drug over a three-year period. Shares of the company closed at $5.86 on Wednesday on Nasdaq. (Reporting by Kavyanjali Kaushik in Bangalore; Editing by Maju Samuel)
