Memphis-based biotech company GTx, Inc. (GTx) has recently received attention from around the United States for its promising research results for its drug Acapodene®. Studies showed Acapodene caused a significant reduction in side effects for men undergoing treatment for prostate cancer. A recent article in BusinessWeek provided an in depth look at GTx and the results of its various clinical trials. In fact, BusinessWeek gave GTx a 5 STARS (strong buy) recommendation on the shares.
While many people will skim over articles that discuss such topics as reduced hot flashes in men undergoing cancer treatment, just the fact that a publication like BusinessWeek is now focused on a Memphis born and developed bio company should be cause for celebration. With each paragraph written on Memphis bioscience, our reputation grows.
The successful results at GTx boost Memphis’s status as a center of excellence in bioscience on a national level. It solidifies the fact that we have commercially viable research coming out of our local universities, since much of the company’s intellectual property came out of the University of Tennessee Health Science Center. We need to encourage other local companies to follow GTx’s example and use the excellent research we have coming out of our universities as a catalyst for new economic growth.
The positive results move GTx closer to commercialization and the development of new jobs. A recent article in the Commercial Appeal quoted GTx CEO Dr. Mitchell Steiner as saying GTx soon may add 80 to 100 new employees. These jobs would further fuel our local economy and continue to develop the pool of talented, educated people in Memphis.
The community needs to take a good look at GTx and understand the value of this company to our economy. Since its foundation, it has brought recognition, high-paying jobs and economic stimulus to the region. This company is a true example of the center of excellence that Memphis Bioworks Foundation is establishing in Memphis.
I would encourage you to read the BusinessWeek article on GTx.