GPC Biotech AG (Frankfurt Stock Exchange: GPC, NASDAQ: GPCB) today
reported that the Company has received notice from Celgene Corporation
of its decision to terminate its co-development and license agreement
with GPC Biotech for satraplatin in Europe, Turkey, the Middle East,
Australia and New Zealand. All rights to these territories will be
returned to GPC Biotech.
Bernd R. Seizinger, M.D., Ph.D., Chief Executive Officer of GPC Biotech
said: “We are disappointed, but we understand
Celgene’s decision given their recent
withdrawal of the Marketing Authorization Application for satraplatin in
Europe. We plan to decide in the near future the next steps regarding
the development of satraplatin, and we will continue to focus our other
efforts on advancing our RGB-286638 kinase inhibitor into the clinic and
exploring various merger and acquisition opportunities.”
About GPC Biotech
GPC Biotech AG is a publicly traded biopharmaceutical company focused on
anticancer drugs. GPC Biotech's lead product candidate is satraplatin,
an oral platinum compound. The Company has various anti-cancer programs
in research and development that leverage its expertise in kinase
inhibitors. GPC Biotech AG is headquartered in Martinsried/Munich
(Germany) and has a wholly owned U.S. subsidiary in Princeton, New
Jersey. For additional information, please visit GPC Biotech's Web site
at www.gpc-biotech.com.
This press release contains forward-looking statements, which express
the current beliefs and expectations of the management of GPC Biotech.
Such statements are based on current expectations and are subject to
risks and uncertainties, many of which are beyond our control, that
could cause future results, performance or achievements to differ
significantly from the results, performance or achievements expressed or
implied by such forward-looking statements. Actual results could differ
materially depending on a number of factors, and we caution investors
not to place undue reliance on the forward-looking statements contained
in this press release. We direct you to GPC Biotech’s
Annual Report on Form 20-F for the fiscal year ended December 31, 2007
and other reports filed with the U.S. Securities and Exchange Commission
for additional details on the important factors that may affect the
future results, performance and achievements of GPC Biotech.
Forward-looking statements speak only as of the date on which they are
made and GPC Biotech undertakes no obligation to update these
forward-looking statements, even if new information becomes available in
the future.
GPC Biotech AG
Investor Relations & Corporate Communications
+49
(0)89 8565-2693
ir@gpc-biotech.com
or
In
the U.S.:
Laurie Doyle, +1-609-524-5884
Director, Investor
Relations & Corporate Communications
usinvestors@gpc-biotech.com
or
Additional
media contacts for Europe:
MC Services AG
Raimund Gabriel,
+49 (0) 89 210 228 0
raimund.gabriel@mc-services.eu
or
Hilda
Juhasz, +49 (0) 89 210 228 0
hilda.juhasz@mc-services.eu
or
Additional
investor contact for Europe:
Trout International LLC
Mike
Booth, +44 207 936 9326
Senior Vice President
mbooth@troutgroup.com
