GTx, Inc. Announces Initial Public Offering

MEMPHIS, Tenn., Feb. 3 /PRNewswire-FirstCall/ -- GTx, Inc. (Nasdaq: GTXI) announced today the pricing of its initial public offering of 5,400,000 shares of its common stock at $14.50 per share, before underwriting discounts and commissions. Shares of GTx are expected to begin trading on the NASDAQ National Market under the symbol "GTXI" on February 3, 2004. GTx has granted the underwriters an option to purchase up to an additional 810,000 shares of common stock. The lead manager of the offering is Goldman, Sachs & Co. SG Cowen & Company and Lazard LLC are acting as co-managers.

Copies of the final prospectus related to the offering may be obtained by contacting Goldman, Sachs & Co. at 85 Broad Street, New York, New York 10004, by telephone at 212-902-1171 or by faxing a request to 212-902-9316.

The public offering is being made only by means of a prospectus. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About GTx
GTx is a biopharmaceutical company dedicated to the discovery, development and commercialization of therapeutics primarily related to the treatment of serious men's health conditions. GTx's drug discovery and development programs are focused on small molecules that selectively modulate the effects of estrogens and androgens. GTx currently has two product candidates that are in human clinical trials. The company is developing Acapodene(TM), its most advanced product candidate, through clinical trials for two separate indications: (1) a Phase IIb clinical trial for the reduction in the incidence of prostate cancer in men with precancerous prostate lesions and (2) a pivotal Phase III clinical trial for the treatment of serious side effects of advanced prostate cancer therapy. GTx is initially developing its second product candidate, Andarine, for the treatment of muscle wasting weight loss, or cachexia, that occurs from various types of cancer.

SOURCE GTx, Inc. -0- 02/03/2004 /CONTACT: Amy Bethea, Manager, Communications of GTx, Inc., +1-901-523-9700; or Investors: E. Blair Schoeb, Media: Kathy L. Jones, Ph.D., both of Burns McClellan, Inc., +1-212-213-0006, for GTx, Inc./ /First Call Analyst: / /FCMN Contact: aschimmel@burnsmc.com / (GTXI)