MARTINSRIED/MUNICH, Germany, April 26 /PRNewswire-FirstCall/ -- U.S.
Research and Development Facilities in Waltham/Boston, Mass. and Princeton,
N.J. -- GPC Biotech AG (Frankfurt Stock Exchange: GPC; TecDAX index; NASDAQ:
GPCB), focused on discovering and developing new anticancer drugs, and
Ingenium Pharmaceuticals AG, with the therapeutic focus on pain, today
announced the joint receipt of a grant totaling euro 2.2 million in committed
funding from the BMBF (German Ministry for Education and Research) through its
BioChancePLUS program. Each company is to receive grant money totaling euro
1.1 million until the year 2007.
This funding will support collaborative drug discovery efforts with the
goal of rapidly advancing novel drug targets toward clinical testing. The
grant was transferred from Axxima Pharmaceuticals to GPC Biotech and involves
collaborative work initiated between Axxima and Ingenium. The goal of the
collaboration is to establish proof of concept for the activity of specific
kinase inhibitors in animal models covering several disease areas.
Bernd R. Seizinger, M.D., Ph.D., Chief Executive Officer of GPC Biotech,
said, "We are very pleased with the value already being generated by the new
employees we hired and the expanded capabilities brought in through the Axxima
acquisition. The BioChance Plus funding will help us to further optimize the
value of the expertise we acquired when we purchased the Axxima assets. In
addition, the program offers significant upside potential if any compounds
discovered under the collaboration move forward in development or eventually
make it to the market."
"Ingenium sees great potential that this joint research continues with the
capabilities and commitment of GPC Biotech," commented Michael Nehls, M.D.,
Ph.D., Chief Executive Officer at Ingenium. "As part of the work to date,
Ingenium has applied its disease-specific in vivo expertise to advance several
high-value kinase discoveries that have strategic potential for Ingenium's
therapeutic research or provide the option for generating value with a third
party. We are pleased to have government support for these exciting projects
and the further collaboration with GPC Biotech."
About GPC Biotech
GPC Biotech AG is a biopharmaceutical company discovering and developing
new anticancer drugs. The Company's lead product candidate - satraplatin - is
currently in a Phase 3 registrational trial as a second-line chemotherapy
treatment in hormone-refractory prostate cancer following successful
completion of a Special Protocol Assessment by the U.S. FDA and receipt of a
Scientific Advice letter from the European central regulatory authority, EMEA.
The FDA has also granted fast track designation to satraplatin for this
indication. Satraplatin was in-licensed from Spectrum Pharmaceuticals, Inc.
Other anticancer programs include: a monoclonal antibody with a novel
mechanism-of-action against a variety of lymphoid tumors, currently in Phase 1
clinical development, and a small molecule broad-spectrum cell cycle
inhibitor, currently in pre-clinical development. The Company is leveraging
its drug discovery technologies to elucidate the mechanisms-of-action of drug
candidates and to support the growth of its drug pipeline. GPC Biotech also
has a multi-year alliance with ALTANA Pharma AG working with the ALTANA
Research Institute in the U.S., which provides GPC Biotech with revenues
through mid-2007. GPC Biotech AG is headquartered in Martinsried/Munich
(Germany). The Company's wholly owned U.S. subsidiary has research and
development sites in Waltham, Massachusetts and Princeton, New Jersey. For
additional information, please visit the Company's Web site at
http://www.gpc-biotech.com .
About Ingenium Pharmaceuticals
Ingenium Pharmaceuticals is advancing its expertise in drug target
discovery and genetics-based therapeutic research toward the development of
novel treatments for pain. To date, Ingenium has used its forward and reverse
genetics technologies for its partners and for its internal drug development
programs. Ingenium's largest partnership is a multi-year drug discovery and
development collaboration with Elan in the area of neuropathic pain. In
addition, Ingenium has signed numerous agreements across the biopharmaceutical
industry and academia to provide genetic expertise and animal models.
Privately held, Ingenium has raised three rounds of funding from premier US
and European venture funds.
Ingenium is a registered U.S. trademark.
Safe Harbor Statement for GPC Biotech:
This press release may contain projections or estimates relating to plans
and objectives relating to our future operations, products, or services;
future financial results; or assumptions underlying or relating to any such
statements; each of which constitutes a forward-looking statement 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 the SPARC trial will be completed nor that satraplatin will be
approved for marketing in a timely manner, if at all. There can be no
guarantee that compounds discovered under the collaboration with Ingenium will
move forward in development or become marketed products. We direct you to the
Company's Annual Report on Form 20-F 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
Phone/Fax: +49 (0)89 8565-2600/-2610
info@gpc-biotech.com
Martin Braendle (ext. 2693)
Senior Manager, Investor Relations &
Corporate Communications
martin.braendle@gpc-biotech.com
In the U.S.: Laurie Doyle
Associate Director, Investor Relations &
Corporate Communications
Phone: +1 781 890 9007 X267
laurie.doyle@gpc-biotech.com
Ingenium Pharmaceuticals AG
Gretchen L.P. Schweitzer
Vice President Corporate Strategy
Ph: 49-89-8565-2398
gretchen.schweitzer@ingenium-ag.com
Additional Media Contact for GPC Biotech:
In Europe
Maitland Noonan Russo
Brian Hudspith
Phone: +44 (0)20 7379 5151
bhudspith@maitland.co.uk
SOURCE GPC Biotech AG
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Related links:
http://www.gpc-biotech.com
CONTACT:
Martin Braendle, Senior Manager, Investor
Relations & Corporate Communications +49-89-08565-2600 ext. 2693,
martin.braendle@gpc-biotech.com, or in the U.S.: Laurie Doyle
Associate Director, Investor Relations & Corporate
Communications, +1-781-890-9007 ext. 267,
laurie.doyle@gpc-biotech.com, both of GPC Biotech AG; or Gretchen
L.P. Schweitzer, Vice President Corporate Strategy of Ingenium
Pharmaceuticals AG, +49-89-8565-2398,
gretchen.schweitzer@ingenium-ag.com; or in Europe for GPC
Biotech: Brian Hudspith of Maitland Noonan Russo, +44-20-7379
5151, bhudspith@maitland.co.uk
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