MARTINSRIED/MUNICH, Germany, Aug. 4 /PRNewswire-FirstCall/ -- U.S.
Research & Development Facilities in Waltham/Boston, Mass. and Princeton,
N.J., -- GPC Biotech AG (Frankfurt Stock Exchange: GPC; TecDAX 30; Nasdaq:
GPCB) today reported financial results for the second quarter and first six
months ended June 30, 2005.
Quarter over quarter results: second quarter 2005 compared to first
quarter 2005
Revenues for the second quarter of 2005 increased 32% to euro 2.5 million
compared to euro 1.9 million for the previous quarter. Research and
development (R&D) expenses increased 24% to euro 14.0 million for the second
quarter of 2005 compared to euro 11.2 million for the first quarter of 2005.
General and administrative (G&A) expenses for the second quarter of 2005
increased 69% to euro 6.6 million compared to euro 3.9 million for the
previous quarter. The increase in G&A expenses during the second quarter of
2005 was mainly due to a non-cash charge of euro 2.8 million related to a
contractual loss on a sublease. Excluding this charge, the Company's pro forma
net loss was euro (13.3) million in the second quarter of 2005, an increase of
6% compared to euro (12.5) million net loss for the previous quarter.
Inclusive of this charge, the Company's net loss increased 28% to euro (16.0)
million for the second quarter of 2005 compared to the previous quarter.
Basic and diluted loss per share was euro (0.53) for the second quarter of
2005 compared to euro (0.43) for the previous quarter. Figures related to the
acquisition of the assets of Axxima Pharmaceuticals are subject to change.
Comparison to previous year:
Second quarter 2005 compared to second quarter 2004
Revenues for the three months ended June 30, 2005 decreased 4% to euro
2.5 million compared to euro 2.6 million for the same period in 2004.
Research and development (R&D) expenses increased 46% for the second quarter
of 2005 to euro 14.0 million compared to euro 9.6 million for the same period
in 2004. The increase for the second quarter 2005 was mainly due to increased
drug development activities, including the continued ramp-up of patient
enrollment in the satraplatin SPARC Phase 3 registrational trial. General and
administrative (G&A) expenses for the second quarter of 2005 increased 128% to
euro 6.6 million compared to euro 2.9 million for the same quarter in 2004.
The increase in G&A expenses during the second quarter of 2005 was mainly due
to a non-cash charge of euro 2.8 million related to a contractual loss on a
sublease. Non-cash charges for stock options and convertible bonds, which are
included in R&D and G&A expenses, were euro 1.7 million for the second quarter
of 2005 compared to euro 0.6 million for the same period in 2004. Excluding
the non-cash charge related to the sublease contract of euro 2.8 million, the
Company's pro forma net loss was euro (13.3) million for the second quarter of
2005, an increase of 42% compared to euro (9.3) million net loss for the same
period in 2004. Inclusive of this charge, net loss increased 71% to euro
(16.0) million compared to the second quarter of 2004. Basic and diluted loss
per share was euro (0.53) for the second quarter of 2005 compared to euro
(0.43) for the same period in 2004.
First six months of 2005 compared to first six months of 2004
Revenues decreased 33% to euro 4.4 million for the six months ended June
30, 2005, compared to euro 6.6 million for the same period in 2004. Research
and development (R&D) expenses increased 38% to euro 25.2 million for the
first six months of 2005 compared to euro 18.3 million for the same period in
2004. The increase was mainly due to increased drug development activities,
including the continued ramp-up of patient enrollment in the satraplatin SPARC
Phase 3 registrational trial. In the first six months of 2005, general and
administrative (G&A) expenses increased 88% to euro 10.5 million compared to
euro 5.6 million for the first six months of 2004. Non-cash charges for stock
options and convertible bonds, which are included in R&D and G&A expenses,
were euro 3.5 million for the first six months of 2005 compared to euro 1.0
million for the same period in 2004. Excluding the non-cash charge related to
the contractual loss on a sublease of euro 2.8 million, the Company's pro
forma net loss was euro (25.8) million for the first half of 2005, an increase
of 58% compared to euro (16.3) million net loss for the same period in 2004.
Inclusive of this charge, net loss increased 75% to euro (28.5) million
compared to the first half of 2004. Basic and diluted loss per share was euro
(0.96) compared to euro (0.76) for the same period in 2004.
As of June 30, 2005, cash, cash equivalents, short-term investments and
marketable securities totaled euro 121.6 million (December 31, 2004: euro
131.0 million), including euro 1.5 million in restricted cash. The net cash
burn was euro 23.6 million for the first six months of 2005. Net cash burn is
derived by adding net cash used in operating activities (euro 20.3 million)
and purchases of property, equipment and licenses (euro 3.3 million). The
figures used to calculate net cash burn are contained in the Company's
unaudited consolidated statements of cash flows for the six-month period ended
June 30, 2005. Net cash burn was euro 11.9 million for the second quarter of
2005 and euro 11.6 million for the first quarter of 2005.
"Our financial results continue to reflect our expanding efforts to
successfully develop our anticancer drug candidates and broaden their
potential," said Mirko Scherer, Ph.D., Senior Vice President and Chief
Financial Officer. "In particular, we are driving patient recruitment in the
SPARC Phase 3 trial and continuing our work to initiate additional exploratory
studies with our lead compound, satraplatin."
"I am excited about the progress we have made over the past several months
to move our oncology drug programs forward," said Bernd R. Seizinger, M.D.,
Ph.D., Chief Executive Officer. "The satraplatin SPARC trial continues to be
one of the fastest accruing large randomized Phase 3 trials for chemotherapy
drugs in prostate cancer. There were 700 patients enrolled in this study as
of July 28, 2005, keeping us on track to complete enrollment by the end of
this year. I am also pleased that we were able to open for accrual another
satraplatin study -- a Phase 1 combination trial with TAXOTERE(R) in advanced
solid tumors. This study is one of a number of clinical trials we are
planning to initiate as part of our strategy to broadly explore the potential
of satraplatin in combination with other anticancer therapies and for the
treatment of other cancers beyond the initial indication of second-line
hormone-refractory prostate cancer."
Dr. Seizinger continued, "We have also had several recent achievements
with our second clinical program -- the anticancer antibody 1D09C3: We have
recently received clearance from the national regulatory authorities and local
ethics committee to open a second clinical site in our ongoing Phase 1 study.
The new site is the Istituto Nazionale dei Tumori, a major oncology center in
Italy under the direction of leading oncology expert, Prof. Alessandro M.
Gianni. In addition, the antibody was granted orphan drug designation in the
European Union for Hodgkin's lymphoma. I look forward to reporting on
additional accomplishments at GPC Biotech in the second half of the year."
Highlights from the second quarter of 2005 and beyond
Lead anticancer drug candidate, satraplatin
-- The SPARC registrational trial remains one of the fastest accruing,
large randomized Phase 3 trials for chemotherapy drugs in prostate
cancer. 700 patients had been accrued to the trial as of July 28,
2005.
-- Phase 1 study in combination with TAXOTERE in advanced solid tumors
opened for accrual.
-- The Independent Data Monitoring Board for the SPARC registrational
trial held its second review of safety data from the ongoing study.
The Board reported that the design and conduct of the trial remained
sound and recommended that the trial continue as planned.
-- In vitro data presented at the 2005 Annual Meeting of the American
Association for Cancer Research (AACR) indicate that satraplatin
remains active in drug-resistant tumor cells pre-treated with other
commonly used cancer drugs. Also, a synergistic response was
demonstrated in prostate cancer cells treated sequentially with
TAXOTERE and satraplatin.
Second clinical program, 1D09C3 anticancer monoclonal antibody
-- Clearance received from the national regulatory authorities and local
ethics committee to open second clinical site in Phase 1 study in
relapsed/refractory B-cell lymphomas. The new site is the Istituto
Nazionale dei Tumori in Milan, Italy under the direction of leading
clinical oncology expert, Prof. Alessandro M. Gianni, Head of the
Leukemia and Lymphoma Department, Milan Cancer Center, and Full
Professor in Medical Oncology, University of Milan.
-- European Medicines Agency (EMEA) granted orphan medicinal product
designation for the treatment of Hodgkin's lymphoma.
-- Pre-clinical in vivo data presented at the 9th International Conference
on Malignant Lymphoma demonstrate that 1D09C3 appears to show improved
efficacy if treatment intervals are increased up to seven days,
indicating that the antibody may not need to be continuously present in
the bloodstream to achieve its cell-killing effect.
Conference call scheduled
As previously announced, the Company has scheduled a conference call to
which participants may listen via live webcast, accessible through the GPC
Biotech Web site at http://www.gpc-biotech.com or via telephone. A replay will
be available via the Web site following the live event. The call, which will
be conducted in English, will be held on August 4 at 14:30 CET/8:30 AM EDT.
The dial-in numbers for the call are as follows:
European participants: 0049 (0)69 22222 0408
U.S. participants: 1-866-239-0750 (toll-free)
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
inhibitors program, currently in pre-clinical development. The Company also
has a number of drug discovery programs that leverage its expertise in kinase
inhibitors. GPC Biotech 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.
The pro forma net loss reported excludes the contractual loss on a
sublease. GPC Biotech's management believes this pro forma measure helps
indicate underlying trends in the Company's ongoing operations by excluding
this charge that is unrelated to its ongoing operations.
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 in a timely manner, if at
all. In addition, there can be no guarantee regarding the results of ongoing
studies with satraplatin or 1D09C3. Additionally, there can be no guarantee
that satraplatin or 1D09C3 will be approved for marketing in a timely manner,
if at all. 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.
TAXOTERE(R) (docetaxel) is a registered trademark of the sanofi-aventis
group.
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
In Europe:
Maitland Noonan Russo
Brian Hudspith
Phone: +44 (0)20 7379 5151
bhudspith@maitland.co.uk
In the U.S.:
Euro RSCG Life NRP
Emily Poe
Phone: +1 212 845 4266
emily.poe@eurorscg.com
Consolidated Statements of Operations (U.S. GAAP)
Three months ended June 30, Six months ended June 30,
2005 2004 2005 2004
in thousand euro, except (unaudited) (unaudited) (unaudited) (unaudited)
share and per share data
Collaborative revenues (a) 2,488 2,596 4,368 6,555
Total revenues 2,488 2,596 4,368 6,555
Research and development
expenses 13,990 9,614 25,235 18,296
General and administrative
expenses 6,571 2,852 10,516 5,638
In process research and
development 113 - 683 -
Amortization of acquired
intangible assets 111 24 161 125
Total operating expenses 20,785 12,490 36,595 24,059
Operating loss (18,297) (9,894) (32,227) (17,504)
Other income 1,410 296 2,207 530
Interest income 1,000 481 1,776 1,089
Other expenses (85) (205) (225) (336)
Interest expense (44) (25) (67) (51)
Net loss (16,016) (9,347) (28,536) (16,272)
Basic and diluted net loss
per share, in euro (0.53) (0.43) (0.96) (0.76)
Shares used in computing
basic and diluted loss
per share 30,082,263 21,657,726 29,639,719 21,371,511
(a) Revenues from related
party Collaborative
revenues 2,433 2,596 4,257 6,555
See accompanying notes to unaudited interim consolidated financial
statements.
Consolidated Balance Sheets (U.S. GAAP)
in thousand euro, except share data
and per share data
Assets June 30, 2005 December 31, 2004
(unaudited)
Current assets
Cash and cash equivalents 14,106 59,421
Marketable securities and short-term
investments 106,012 69,248
Accounts receivable, related party 954 1,006
Prepaid expenses 1,931 1,170
Other current assets 2,944 4,211
Total current assets 125,947 135,056
Property and equipment, net 4,563 2,615
Acquired Intangible assets, net 1,884 413
Other assets, non-current 1,329 1,488
Restricted cash 1,518 2,321
Total assets 135,241 141,893
Liabilities and shareholders' equity
Current liabilities
Accounts payable 2,345 519
Accrued expenses and other current liabilities 8,295 6,910
Current portion of deferred revenue 222 -
Current portion of deferred revenue, related
party 3,486 4,938
Total current liabilities 14,348 12,367
Deferred revenue, net of current portion 167 -
Deferred revenues, related party, net of current
portion 1,950 2,925
Convertible bonds 1,768 1,768
Other non-current liabilities 2,755 -
Shareholders' equity
Ordinary shares, euro 1 non-par, notional
value;
Shares authorized: 53,780,630 as of
June 30, 2005 and 51,655,630 as of
December 31, 2004
Shares issued and outstanding: 30,085,737 as
of June 30, 2005 and 28,741,194 as of
December 31, 2004 30,086 28,741
Additional paid-in capital 281,479 266,074
Accumulated other comprehensive loss (1,526) (2,732)
Accumulated deficit (195,786) (167,250)
Total shareholders' equity 114,253 124,833
Total liabilities and shareholders' equity 135,241 141,893
See accompanying notes to unaudited interim consolidated financial
statements.
Consolidated Statements of Cash Flows (U.S. GAAP)
Six months ended June 30,
in thousand euro 2005 2004
(unaudited) (unaudited)
Cash flows from operating activities
Net loss (28,536) (16,272)
Adjustments to reconcile net loss to net cash used
in operating activities:
Depreciation 1,805 802
Amortization 161 125
Compensation cost for stock option plan and
convertible bonds 3,451 983
Loss accrual on sublease contract 2,758 -
Acquired in-process research and development 683 -
Accrued interest income on marketable securities
and short-term investments (170) (381)
Bond premium amortization 282 233
(Gain)/loss on disposal of property and equipment (22) 56
(Gain)/loss on marketable securities and short-term
investments (2,078) -
Changes in operating assets and liabilities:
Accounts receivable, related party 68 (436)
Accounts receivable - 249
Other assets, current and non-current 842 (553)
Accounts payable 1,701 511
Deferred revenue 389 -
Deferred revenue, related party (2,449) (2,549)
Other liabilities and accrued expenses 781 (604)
Net cash used in operating activities (20,334) (17,836)
Cash flows from investing activities
Purchases of property, equipment and licenses (3,255) (581)
Proceeds from the sale of property and equipment 27 -
Proceeds from sale of marketable securities and
short-term investments 48,442 17,084
Purchases of marketable securities and short-term
investments (83,445) (28,397)
Net cash used in investing activities (38,231) (11,894)
Cash flows from financing activities
Proceeds from issuance of shares 10,412 -
Principal payments under capital lease obligations - (177)
Payments for cancellation of convertible bonds - (4)
Proceeds from exercise of stock options and
convertible bonds 220 1,516
Payments for costs of equity transaction - (334)
Principal payments of loans - (64)
Net cash provided by financing activities 10,632 937
Effect of exchange rate changes on cash 1,589 255
Changes in Restricted cash 1,029 (8)
Net increase/(decrease) in cash (45,315) (28,576)
Cash and cash equivalents at the beginning of
the period 59,421 34,947
Cash and cash equivalents at the end of the
period 14,106 6,371
Supplemental information:
Cash paid for interest 63 36
Non-cash investing and financing activities:
Accrual of cost incurred in connection with
equity offering - 2,319
Net assets acquired in exchange for shares in
connection with asset acquisition 2,667 -
See accompanying notes to unaudited interim consolidated financial
statements.
Consolidated Statements of Changes in Shareholder's Equity (U.S. GAAP)
Additional Sub-
Ordinary shares Paid-in scribed
in thousand euro, except share data Shares Amount Capital Shares
Balance as of December 31, 2003 20,754,075 20,754 190,335 215
Components of comprehensive loss:
Net loss
Change in unrealized gain on
available-for-sale securities
Accumulated translation adjustments
Total comprehensive loss
Exercise of stock options and
convertible bonds 702,065 702 1,075 (215)
Compensation costs, stock
options and convertible bonds 983
Balance as of June 30, 2004
(unaudited) 21,456,140 21,456 192,393 -
Balance as of December 31, 2004 28,741,194 28,741 266,074 -
Components of comprehensive loss:
Net loss
Change in unrealized gain on
available-for-sale securities
Accumulated translation adjustments
Total comprehensive loss
Issuance of shares in business
combination
Issuance of shares in equity
offering 1,311,098 1,311 11,768
Exercise of stock options and
convertible bonds 33,445 34 186
Compensation costs, stock options
and convertible bonds 3,451
Balance as of June 30, 2005
(unaudited) 30,085,737 30,086 281,479 -
Accumulated
Other Total
Comprehensive Accumulated Shareholders'
in thousand euro, except share data Income Deficit Equity
Balance as of December 31, 2003 (2,102) (127,323) 81,879
Components of comprehensive loss:
Net loss (16,272) (16,272)
Change in unrealized gain on
available-for-sale securities (210) (210)
Accumulated translation
adjustments 306 306
Total comprehensive loss (16,176)
Exercise of stock options and
convertible bonds 1,562
Compensation costs, stock
options and convertible bonds 983
Balance as of June 30, 2004
(unaudited) (2,006) (143,595) 68,248
Balance as of December 31, 2004 (2,732) (167,250) 124,833
Components of comprehensive loss:
Net loss (28,536) (28,536)
Change in unrealized gain on
available-for-sale securities (205) (205)
Accumulated translation
adjustments 1,411 1,411
Total comprehensive loss (27,330)
Issuance of shares in business
combination
Issuance of shares in equity
offering 13,079
Exercise of stock options and
convertible bonds 220
Compensation costs, stock
options and convertible bonds 3,451
Balance as of June 30, 2005
(unaudited) (1,526) (195,786) 114,253
See accompanying notes to unaudited interim consolidated financial
statements.
GPC Biotech AG
Notes to the Unaudited Interim Consolidated Financial Statements
1. Basis of Presentation
The accompanying unaudited consolidated financial statements of GPC
Biotech AG (the "Company") have been prepared in accordance with accounting
principles generally accepted in the United States ("U.S. GAAP") for interim
financial information. Accordingly, they do not include all of the information
and footnotes required by U.S. GAAP for complete financial statements. In the
opinion of management, all adjustments (consisting of normal recurring
adjustments) considered necessary for a fair presentation have been included.
Operating results for the six-month period ended June 30, 2005 are not
necessarily indicative of results to be expected for the full year ending
December 31, 2005. The balance sheet at December 31, 2004 has been derived
from the audited consolidated financial statements at that date, but does not
include all of the information required by U.S. GAAP for complete financial
statements. For further information, refer to the consolidated financial
statements and footnotes thereto for the year ended December 31, 2004.
2. Acquisition of Significant Assets
On March 2, 2005, the Company entered into agreements to acquire
significant assets of Axxima Pharmaceuticals AG ("Axxima"), a Munich-based
company in bankruptcy proceedings. Axxima was a drug discovery company
focusing on the field of kinase inhibition. The acquisition of these assets is
expected to assist in the growth of the Company's drug pipeline with novel
mechanism-based therapies to treat cancer.
The aggregate purchase price of the assets was euro 13.1 million, which
was paid for by issuing 1,311,098 ordinary shares. The value of the shares
issued was determined based on an average closing price of the Company's
shares around the transaction date of March 2, 2005. Costs of the transaction
and costs of registering the shares were also considered in the value of the
transaction. The transaction has been accounted for as an acquisition of
assets in a transaction other than a business combination.
The following table summarizes the estimated fair values of the assets
acquired. The allocation of the purchase price is preliminary and subject to
adjustment.
(in thousand euro)
Cash 10,705
Property and equipment 2,683
In process research and development acquired 683
Grant payments receivable 1,372
Intangible asset subject to amortization:
Lease contract 353
Total assets acquired 15,796
Payments due (2,293)
Deferred tax liability (424)
Total liabilities assumed (2,717)
Net assets acquired 13,079
The euro 0.7 million assigned to acquired in process research and
development were expensed at the date of acquisition in accordance with FASB
Interpretation No. 4, Applicability of SFAS No. 2 to Business Combinations
Accounted for by the Purchase Method. The amount is included in operating
expenses.
3. Restricted Cash
Restricted cash was reduced during the second quarter of 2005 in
accordance with the terms of a facilities lease.
4. Contractual Loss on Sublease
In April 2005, the Company subleased facilities to a third party for an
initial period of three years. The costs incurred under the sublease are
expected to exceed the sublease revenues. A loss in the amount of euro 2.8
million was recognized in general and administrative expenses in the second
quarter of 2005. This amount represents the discounted future net cash
disbursements over the remaining period of the lease agreement.
5. Loss per Share
Basic loss per common share is computed using the weighted average number
of common shares outstanding during the period. Diluted net loss per common
share is computed using the weighted average number of common and dilutive
common equivalent shares from stock options, warrants and convertible debt
using the treasury stock method. For all periods presented, diluted net loss
per share is the same as basic net loss per share, as the inclusion of
weighted average shares of common stock issuable upon the exercise of stock
options, warrants and convertible debt would be antidilutive.
6. Comprehensive Loss
Comprehensive loss was euro 27.3 million and euro 16.2 million for the six
months ended June 30, 2005 and 2004, respectively. Comprehensive loss is
composed of net loss, unrealized gains and losses on marketable securities and
cumulative foreign currency translation adjustments. Accumulated other
comprehensive loss at June 30, 2005 and 2004 reflected euro 0.3 million and
euro 0.4 million of unrealized gains on marketable securities and short-term
investments, and euro 1.7 million and euro 2.4 million of cumulative foreign
currency translation loss adjustments, respectively.
7. Shareholders' Equity
During the six months ended June 30, 2005, employees of the Company
exercised some of their fully vested options, receiving 33,445 new ordinary
shares of the Company.
8. Additional Disclosures
The following disclosures are provided to comply with disclosure
requirements of the Exchange Rules of the Frankfurt Stock Exchange.
Number of Employees
As of June 30, 2005 and 2004, the number of employees totaled 223 and 164,
respectively.
Shareholdings of Management
As of June 30, 2005, the members of the Management Board and Supervisory
Board held shares, options, convertible bonds and stock appreciation rights in
the amounts set forth in the table below:
Number of
Number of Stock
Number of Number of Convertible Appreciation
Shares Options Bonds Rights
Management Board
Bernd R. Seizinger, M.D.,
Ph.D. - 1,374,280 600,000 -
Elmar Maier, Ph.D. 266,000 289,000 191,000 -
Sebastian Meier-Ewert,
Ph.D. 333,200 299,000 230,500 -
Mirko Scherer, Ph.D. 24,000 429,000 201,000 -
Supervisory Board
Jurgen Drews, M.D.
(Chairman) 28,800 10,000 25,000 20,000
Michael Lytton
(Vice Chairman) - 10,000 39,000 15,000
Metin Colpan, Ph.D. 14,400 10,000 15,000 11,250
Prabhavathi Fernandes,
Ph.D. - - 10,000 12,250
Peter Preuss 80,000 - 30,000 12,250
James Frates 1,000 - - 15,000
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 In the U.S.: Laurie Doyle, Associate
Director, Investor Relations & Corporate Communications,
+1-781-890-9007 ext. 267, usinvestors@gpc-biotech.com, both of
GPC Biotech AG; or In Europe: Brian Hudspith of Maitland Noonan
Russo, +44 (0)20 7379 5151, bhudspith@maitland.co.uk; or In the
U.S.: Emily Poe of Euro RSCG Life NRP, +1-212-845-4266,
emily.poe@eurorscg.com
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