UPDATE 1-GTx says committee positive on cancer drug trial

* Committee recommends to continue drug trials

* Data Safety Monitoring Board reviews trial every 6 mnths

Sept 14 (Reuters) - GTx Inc (GTXI.O) said an independent data safety monitoring committee has recommended the continuation of the late-stage trials of the company's experimental drug, toremifene, for the prevention of prostate cancer.

The Data Safety Monitoring Board meets every six months to review safety data from the late-stage clinical trials of toremifene with a 20 mg dosage.

In February, the committee had recommended the clinical trial for the drug to continue as planned.

Shares of the biopharmaceutical company closed at $10.44 Friday on Nasdaq. (Reporting by Anuradha Ramanathan in Bangalore; Editing by Gopakumar Warrier)