- Waltham, Massachusetts Facility to be Closed
- All Drug Discovery to be Managed in Munich
- Ongoing Expansion of Clinical Development and Commercialization in
Princeton, New Jersey
MARTINSRIED/MUNICH, Germany, May 3 /PRNewswire-FirstCall/ -- Princeton,
N.J. and Waltham, Mass. -- GPC Biotech AG (Frankfurt Stock Exchange: GPC;
TecDAX 30; Nasdaq: GPCB) today announced that it is consolidating its drug
discovery efforts to one location. This consolidation involves closing the
Company's facility in Waltham, Massachusetts and a staff reduction
involving approximately 16% of the Company's total workforce. Affected
employees will be eligible for severance packages that include severance
pay, continuation of benefits and outplacement services. The drug discovery
programs currently being managed in Waltham will be moved to Munich. The
Company is continuing to build its clinical development and
commercialization groups based in Princeton, New Jersey.
Bernd R. Seizinger, M.D., Ph.D., Chief Executive Officer, said: "With
the acquisition of the assets and the hiring of many research scientists of
Munich-based Axxima Pharmaceuticals in 2005, as well as the ending this
year of the collaboration with ALTANA Pharma in Waltham, we have decided to
consolidate our drug discovery activities into one location -- Munich --
and we will be making further investments in our drug discovery efforts
there. While we believe this action makes sense for the Company
strategically, it was not a decision we made lightly as it has necessitated
the closing of our Waltham site. I would like to express my sincere
appreciation to our Waltham- based employees for their important
contributions to GPC Biotech."
Dr. Seizinger continued: "Importantly, we will continue to have a
strong and growing presence in the U.S. at our Princeton, New Jersey site,
where we have an ongoing effort to expand our clinical development team and
build our commercialization organization, including hiring a field sales
force for the U.S."
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 currently under review by
the U.S. FDA for hormone-refractory prostate cancer patients whose prior
chemotherapy has failed. 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 has a
wholly owned U.S. subsidiary headquartered in 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.
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, 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.
Contacts:
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
Additional Media Contacts:
In Europe: Maitland
Brian Hudspith
Phone: +44 (0)20 7379 5151
bhudspith@maitland.co.uk
In the U.S.: Russo Partners, LLC
David Schull
Phone: +1 212 845-4271
david.schull@russopartnersllc.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 (0)89 8565-2693,
ir@gpc-biotech.com , or Laurie Doyle, Director, Investor
Relations & Corporate Communications, +1-781-890-9007, X267,
usinvestors@gpc-biotech.com , both of GPC Biotech AG; or In
Europe: Brian Hudspith of Maitland, +44 (0)20 7379 5151,
bhudspith@maitland.co.uk , or In the U.S.: David Schull of Russo
Partners, LLC, +1-212-845-4271, david.schull@russopartnersllc.com
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