GTx, Inc. Announces the Appointments of Andrew M. Clarkson and J. Kenneth Glass to its Board of Directors

MEMPHIS, Tenn., March 2, 2004“Mitchell Steiner, M.D., F.A.C.S., Vice Chairman and CEO of GTx, Inc. (Nasdaq: GTXI) today announced the appointments of Andrew M. Clarkson and J. Kenneth Glass to the Company's Board of Directors.

Mr. Clarkson will serve as Chairman of the Board's Audit Committee and will be a member of the Board's Nominating and Corporate Governance Committee. Subsequent to working in senior financial positions at General Foods Corporation and as Vice President/Treasurer of F.W. Woolworth, Mr. Clarkson became Chief Financial Officer and a Board Director of Malone & Hyde, Inc., where he played a pivotal role in taking Malone & Hyde private. This first-ever cash tender offer leveraged buyout resulted in the formation of AutoZone, Inc., an auto parts chain that subsequently became a NYSE-listed company in 1991 and today comprises more than 3,000 stores with sales over $5 billion. Mr. Clarkson remained on the Board of AutoZone, Inc. through November 2001.

Mr. Clarkson graduated from Oxford University, attended McGill University and earned an MBA from Harvard Business School. He currently serves on the Boards of Amphenol Corporation, Royal Furniture and TruckPro, Inc., and is actively involved with not-for-profit organizations through board positions at the Memphis Arts Council, The Lifeblood Foundation, The New Canaan Elder Care Council and the Jeniam Foundation.

Mr. Glass is currently Chairman, President and Chief Executive Officer of First Tennessee National Corporation and First Tennessee Bank, N.A. (NYSE: FTN), one of the nation's 50 largest bank holding companies with total assets of $24.5 billion. Mr. Glass will serve on both the Board's Audit Committee and Compensation Committee. Mr. Glass brings extensive financial expertise to the Board, having worked in a range of capacities at First Tennessee National Corporation and First Tennessee Bank, N.A. for the past 30 years. Prior to joining First Tennessee, Mr. Glass served as an audit manager and CPA for Arthur Andersen and Company.

Mr. Glass received his B.A. in Accounting from Harding University and graduated from Harvard Business School's Advanced Management Program. He currently serves on the Board of Directors for FedEx Corporation.

About GTx, Inc.
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, 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 developing its second product candidate, Andarine, for the treatment of muscle wasting weight loss, or cachexia, that occurs from various types of cancer.