Promising Research Births Memphis Biotech Firm
Published Apr 08, 2004
Researcher Matt Bauler works with tissue culture cells in a GTx lab in Memphis.
When Dr. Mitchell Steiner’s university laboratory developed a drug that looked promising for the prevention of prostate cancer, he acted on a suggestion that he start his own company to move the drug to the marketplace. Steiner, a urologist and molecular biologist, partnered with businessman Marc Hanover to launch GTx Inc. in 1997.
“GTx became a poster child for how to marry business with biotech, and biotech with a university and discovery,” Steiner says.
“City government, state government and federal government were all interested in seeing a biotech corridor in Memphis,” Steiner says.
Business and financial support came from former AutoZone executive J.R. “Pitt” Hyde III, a patient of Steiner’s committed to growing new business there. The company, with a focus on men’s health issues, reached a significant milestone early in 2004, when the first shares of its stock were publicly traded. The IPO raised $70 million, allowing GTx to create a full-service pharmaceutical company.
GTx has two products for treatment of prostate cancer in clinical trials. Its lead product is Acapodene, developed to reduce the incidence of prostate cancer in men with pre-cancerous prostate lesions and to treat other conditions.
Private and public sectors have teamed to support biotech in Memphis. The Memphis Biotech Association and MB Venture Partners LLC – a firm that Hyde also helped form – are among resources now available for incubating companies.
“Against all odds, we decided to stay in Memphis, off the beaten path. It was a gamble, but I think we did fine,” Steiner says. “I think more will take advantage of the logistics, quality of life, legislative conduciveness, and community and civic responsiveness to the whole idea of a biotech center here.”
Story by Kay Brookshire
Photo by Harrison McClary
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