MARTINSRIED/MUNICH (Germany), Feb. 23 /PRNewswire-FirstCall/ -- U.S.
Research and Development Facilities in Waltham, Mass. and Princeton, N.J. --
GPC Biotech AG (Frankfurt Stock Exchange: GPC; TecDAX index; Nasdaq: GPCB)
today announced that the Company has raised 36.2 million euros in a private
placement with two investment companies owned by the family of SAP AG co-
founder Dietmar Hopp. GPC Biotech sold 2.86 million shares at a price of
12.67 euro/share. The newly issued shares, which were issued from authorized
capital, represent 8.7% of GPC Biotech's total shares outstanding after the
transaction. The Hopp family investment companies are new shareholders in the
Company.
"As co-founder of SAP, the world's largest business software company and
third largest independent software provider overall, Dietmar Hopp is one of
the most renowned and successful entrepreneurs in Germany and, indeed,
worldwide. He is an active supporter of the life sciences industry and is
known for his long-term investment strategy. We are delighted to have him
invest in GPC Biotech," said Bernd R. Seizinger, M.D., Ph.D., Chief Executive
Officer of GPC Biotech. "The funds we have raised will give us additional
flexibility as we consider playing the lead role in the U.S. commercialization
of our anticancer drug candidate satraplatin. Satraplatin is in a Phase 3
registrational trial in second-line hormone-refractory prostate cancer and is
also being evaluated in several other clinical studies in various cancers."
Dietmar Hopp commented: "The life sciences industry is one of the most
fascinating and fastest-growing parts of the economy and also a key
contributor to the healthcare sector. I made the decision to invest in GPC
Biotech based on the high potential of the Company's comprehensive product
program for treating cancer patients and on their strong expertise,
particularly that of its management team. Furthermore, GPC Biotech fits very
well into the group of life sciences companies I have invested in so far. I am
convinced that they can learn and take advantage from each other in the
future. Finally, I just believe that GPC Biotech is well positioned for
success."
The investment advisor for this transaction is Dievini GmbH, Heidelberg.
GPC Biotech AG is a biopharmaceutical company discovering and developing
new anticancer drugs. The Company's lead product candidate -- satraplatin --
has achieved target enrollment 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 GPC Biotech has begun the rolling NDA submission process for
this compound. 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). The Company's wholly owned U.S.
subsidiary has sites in Waltham, Massachusetts and Princeton, New Jersey. For
additional information, please visit the Company's Web site at
http://www.gpc-biotech.com.
This press release may contain projections or estimates about plans and
objectives relating to our future operations, products, or services; future
financial results; or assumptions underlying or relating to any such
statements. These statements are forward-looking and are subject to risks and
uncertainties, many of which are beyond our control. Actual results could
differ materially depending on a number of factors, including the timing and
effects of regulatory actions, the results of clinical trials, the Company's
relative success developing and gaining market acceptance for any new
products, and the effectiveness of patent protection. There can be no
guarantee that satraplatin will be approved for marketing in a timely manner,
if at all, nor that, if approved, satraplatin will be successful in the
marketplace. We direct you to the Company's Annual Report on Form 20-F, as
amended, for the fiscal year ended December 31, 2004 and other reports filed
with the U.S. Securities and Exchange Commission for additional details on the
important factors that may affect the Company's future results, performance
and achievements. The Company disclaims any intent or obligation to update
these forward-looking statements or the factors that may affect the Company's
future results, performance or achievements, even if new information becomes
available in the future.
For further information, please contact:
GPC Biotech
AG Fraunhoferstr. 20
82152 Martinsried/Munich, Germany
Martin Braendle
Associate Director, Investor Relations & Corporate Communications
Phone: +49 (0)89 8565-2693
ir@gpc-biotech.com
In the U.S.: Laurie Doyle
Associate 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, Associate Director, Investor
Relations & Corporate Communications, +49 (0)89 8565-2693,
ir@gpc-biotech.com, or Laurie Doyle, Associate Director, Investor
Relations & Corporate Communications, +1-781-890-9007 ext. 267,
usinvestors@gpc-biotech.com, both of GPC Biotech AG
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