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GTx announces sale of Fareston

GTx announced that it has sold to ProStrakan Group its rights and related assets in the metastatic breast cancer product, Fareston, for total cash consideration of $21.7M. After deducting cash expenses relating to the transaction, GTx will receive net cash proceeds from the sale of approximately $19M. Fareston 60 mg tablets is a selective estrogen receptor modulator approved in the United States for the treatment of metastatic breast cancer in postmenopausal women.