GTx receives $1.2 million under QTDP program

GTx, Inc. (Nasdaq: GTXI) announced that the company has been awarded approximately $1.2 million by the United States Government under the Qualifying Therapeutic Discovery Project Program (QTDP), a $1 billion fund established under HR: 3590 - Patient Protection and Affordable Care Act. The QTDP provides a tax credit or cash grant to companies with 250 or fewer employees to cover up to 50 percent of qualified investments in projects aimed at creating new therapies, reducing long-term health care costs, or significantly advancing the goal of curing cancer within the next 30 years. The grant to GTx comprises separate payments of $244,000 for each of five cancer and cancer supportive care research and development programs.

“We are pleased to receive this recognition and these funds which will help GTx advance our pipeline of clinical and preclinical product candidates”

"We are pleased to receive this recognition and these funds which will help GTx advance our pipeline of clinical and preclinical product candidates," said Mitchell S. Steiner, MD, CEO of GTx.