MARTINSRIED/MUNICH, Germany, WALTHAM, Mass. and PRINCETON, N.J., Jan.
24 /PRNewswire-FirstCall/ -- GPC Biotech AG (Frankfurt Stock Exchange: GPC;
TecDAX index; Nasdaq: GPCB) has raised gross proceeds of euro 33.6 million
(approximately $43.7 million) in a private placement with institutional
investors. GPC Biotech sold 1,564,587 million shares at a price of euro
21.50/share and will receive the proceeds upon registration of the
corresponding capital increase. The share price and the number of shares
were determined by an accelerated bookbuilding procedure with an
underwriter.
With the issuance of these new shares, GPC Biotech's total registered
share capital will increase from euro 33,103,337 to euro 34,667,927. The
newly issued shares, which will be taken from authorized capital, will
represent 4.51% of GPC Biotech's total shares outstanding after the
transaction.
"With the announcement this past fall of positive data from the
satraplatin Phase 3 trial in second-line hormone refractory prostate
cancer, we were able to accelerate the building of our commercialization
infrastructure in the U.S.," said Bernd R. Seizinger, M.D., Ph.D., Chief
Executive Officer. "The funds we have raised will assist us both in
aggressively moving forward with commercialization activities, as well as
continuing to expand the development of satraplatin in other cancer
settings."
The listing of the new shares on the Frankfurt Stock Exchange (Prime
Standard) is expected to take place in August 2007. To ensure a proper
allocation and delivery of the placed shares to investors, large
shareholders of GPC Biotech have transferred to the underwriter existing
shares of the Company in the form of a securities loan. The underwriter
will make use of such shares only to perform the placement to institutional
investors.
The shares have not been, and will not be, registered under the U.S.
Securities Act of 1933, as amended, or any state securities laws in the
U.S., and unless so registered, may not be offered or sold in the United
States absent registration or an applicable exemption from registration
requirements. This announcement does not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of shares in
any state in the U.S. in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities laws
of any such state.
About GPC Biotech
GPC Biotech AG is a publicly traded biopharmaceutical company focused
on discovering, developing and commercializing new anticancer drugs. GPC
Biotech's lead product candidate -- satraplatin -- is an oral
platinum-based compound that has shown highly statistically significant
results for progression-free survival in a Phase 3 registrational trial as
a second-line chemotherapy treatment in hormone-refractory prostate cancer.
The U.S. FDA has granted fast track designation to satraplatin for this
indication, and the rolling NDA submission process for this compound is
underway. Satraplatin was in-licensed from Spectrum Pharmaceuticals, Inc.
GPC Biotech is also developing a monoclonal antibody with a novel
mechanism-of-action against a variety of lymphoid tumors, currently in
Phase 1 clinical development, and has ongoing drug development and
discovery programs that leverage its expertise in kinase inhibitors. GPC
Biotech AG is headquartered in Martinsried/Munich (Germany), and its wholly
owned U.S. subsidiary has sites in Waltham, Massachusetts and Princeton,
New Jersey. For additional information, please visit GPC Biotech's Web site
at http://www.gpc-biotech.com.
This press release contains forward-looking statements, which express
the current beliefs and expectations of the management of GPC Biotech AG,
including summary statements relating to the development and
commercialization of satraplatin. 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 announcement. In particular, there can be no
guarantee that non final results from clinical trials will be confirmed.
Furthermore, even if these results are confirmed, we cannot guarantee that
satraplatin will be approved for marketing in a timely manner, if at all,
by regulatory authorities nor that, if marketed, satraplatin will be a
successful commercial product. We direct you to GPC Biotech's Annual Report
on Form 20-F for the fiscal year ended December 31, 2005 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 does not
undertake any obligation to update these forward- looking statements, even
if new information becomes available in the future.
GPC Biotech AG
Martin Braendle
Director, Investor Relations & Corporate Communications
Phone: +49 (0)89 8565-2693
ir@gpc-biotech.com
In the U.S.: Laurie Doyle
Director, Investor Relations & Corporate Communications
Phone: +1 781 890 9007 X267
usinvestors@gpc-biotech.com
SOURCE GPC Biotech AG
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Related links:
http://www.gpc-biotech.com
CONTACT:
Martin Braendle, Director, Investor Relations
& Corporate Communications, +49-89-8565-2693, ir@gpc-biotech.com,
or In the U.S.: Laurie Doyle, Director, Investor Relations &
Corporate Communications, +1-781-890-9007 X267,
usinvestors@gpc-biotech.com
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