* Revenues increased 126% in second quarter 2006 compared to the same
period in 2005
* Cash and equivalents euro 128 million (approximately $160 million) as of
June 30, 2006
MARTINSRIED/MUNICH Germany, Aug. 8 /PRNewswire-FirstCall/ -- Waltham,
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, 2006.
Quarter over quarter results: second quarter 2006 compared to first
quarter 2006
Revenues for the second quarter of 2006 were euro 5.6 million compared
to euro 5.4 million for the previous quarter. Research and development
(R&D) expenses were euro 14.5 million for the second quarter of 2006,
practically unchanged from the first quarter of 2006. General and
administrative (G&A) expenses for the second quarter of 2006 increased 33%
to euro 5.8 million compared to euro 4.4 million for the previous quarter.
The Company's net loss increased 18% to euro (15.2) million in the second
quarter of 2006, compared to euro (12.9) million for the previous quarter.
Basic and diluted loss per share was euro (0.46) for the second quarter of
2006 compared to euro (0.41) for the previous quarter.
Comparison to previous year: second quarter 2006 compared to second
quarter 2005
Revenues for the three months ended June 30, 2006 increased 126% to
euro 5.6 million compared to euro 2.5 million for the same period in 2005.
The increase in revenues is due to the co-development and license agreement
for satraplatin for Europe and certain other territories with Pharmion that
was signed in December 2005. R&D expenses increased 4% for the second
quarter of 2006 to euro 14.5 million compared to euro 13.9 million for the
same period in 2005. G&A expenses for the second quarter of 2006 decreased
12% to euro 5.8 million compared to euro 6.6 million for the same quarter
in 2005. G&A expenses for the second quarters of both 2005 and 2006 include
a non-cash charge related to a contractual loss on a sublease. This charge
was euro 1.0 million for the second quarter of 2006 compared to euro 2.8
million for the same period in 2005. Net loss for the second quarter of
2006 decreased 5% to euro (15.2) million compared to euro (16.0) million
for the second quarter of 2005. Basic and diluted loss per share was euro
(0.46) for the second quarter of 2006 compared to euro (0.53) for the same
period in 2005.
First six months of 2006 compared to first six months of 2005
Revenues increased 152% to euro 11.0 million for the six months ended
June 30, 2006, compared to euro 4.4 million for the same period in 2005.
Research and development (R&D) expenses increased 16% to euro 29.1 million
for the first six months of 2006 compared to euro 25.1 million for the same
period in 2005. In the first six months of 2006, general and administrative
(G&A) expenses decreased 3% to euro 10.2 million compared to euro 10.5
million for the first six months of 2005. Net loss for the first six months
of 2006 decreased 1% to euro (28.1) million compared to euro (28.4) million
for the first six months of 2005. Basic and diluted loss per share was euro
(0.87) for the first six months of 2006 compared to euro (0.96) for the
same period in 2005.
As of June 30, 2006, cash, cash equivalents, marketable securities and
short-term investments totaled euro 127.9 million (December 31, 2005: euro
95.2 million), including euro 1.6 million in restricted cash. Net cash burn
for the first six months of 2006 was euro 3.6 million with net cash
generated of euro 12.8 million in the first quarter of 2006 and net cash
burn of euro 16.2 million for the second quarter of 2006. Net cash
burn/generated is derived by adding net cash provided by (used in)
operating activities and purchases of property, equipment and licenses. 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, 2006.
"Our revenues more than doubled in the second quarter of 2006 compared
to the same period in 2005 due to our co-development and license agreement
with Pharmion, and we are on track to reach our revenue goal of
approximately doubling revenues for the full year 2006," said Mirko
Scherer, Ph.D., Senior Vice President and Chief Financial Officer. "Our
solid financial position is enabling us to move forward rapidly as we plan
for the commercialization of satraplatin, in addition to developing our
pipeline by initiating new trials with our lead drug candidate and
advancing other programs."
"The first half of 2006 was a busy time for GPC Biotech as we put into
place critical elements to achieve the next stage in our corporate
development, including key senior executive hires for our clinical
development, and commercialization management teams," said Bernd R.
Seizinger, M.D., Ph.D., Chief Executive Officer. "The second half of this
year will be a pivotal time for us as we anticipate the final results on
progression-free survival from our SPARC Phase 3 registrational trial for
satraplatin within the next ten weeks. If positive, we expect to complete
our NDA filing with the FDA by year end and continue advancing our
marketing and sales plans for the successful launch of satraplatin."
Highlights from the second quarter of 2006 and later
* Company hires three senior executives to fill newly-created positions to
expand drug development and commercialization management teams
* Independent Data Monitoring Board recommends that GPC Biotech continue
satraplatin Phase 3 trial as planned following interim analyses of
progression-free survival and also of overall survival
* Non-clinical section of rolling NDA submitted to FDA for satraplatin
* Presentation of new clinical and pre-clinical data on satraplatin,
supportive of the clinical work the Company has underway to explore the
potential of satraplatin in a variety of combination therapies and
cancer settings
* New clinical trials opened with satraplatin:
* Phase 2 study evaluating satraplatin in combination with Tarceva(R)
(erlotinib) in patients with advanced non-small cell lung cancer
* Phase 1/2 study evaluating satraplatin in combination with radiation
therapy and Xeloda(R) (capecitabine) in patients with rectal cancer
* Two Phase 1 trials evaluating satraplatin plus Xeloda in patients with
advanced solid tumors; first studies initiated that are evaluating
satraplatin in combination with another oral chemotherapy treatment.
* Phase 1 study evaluating satraplatin in combination with Gemzar(R)
(gemcitabine) in patients with advanced solid tumors
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 8 at 14:30
CET/8:30 AM EDT. The dial-in numbers for the call are as follows:
European participants: 0049-69-5007-1846
U.S. participants: 1-866-578-5801 (toll-free)
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 forward-looking statements. Forward-
looking statements may be, but are not necessarily, identified by words
like "believe", "anticipate", "intend", "expect", "target", "goal",
"estimate", "plan", "assume", "may", "will", "could" and similar
expressions. Forward- looking statements include, but are not limited to,
statements about the progress, timing and completion of research,
development, pre-clinical studies and clinical trials for the Company's
product candidates; the timing and ultimate success in obtaining regulatory
approval in the U.S., Europe or any other jurisdiction for satraplatin or
any other product candidates; the Company's ability to market,
commercialize, achieve market acceptance for and sell the Company's product
candidates; the Company's ability to adequately protect its intellectual
property and operate its business without infringing upon the intellectual
property rights of others; and the Company's estimates regarding
anticipated operating losses, future revenues, capital requirements and
needs for additional financing. Forward-looking statements in this press
release are based on the Company's current expectations and projections
about future events and are subject to risks, uncertainties and
assumptions. In light of these risks, uncertainties and assumptions, the
forward-looking events discussed in this press release might not occur. We
direct you to the Company's Form 20-F for the fiscal year ended December
31, 2005 and other reports filed with the U.S. Securities and Exchange
Commission (SEC) for additional details on the important factors that may
affect the Company's future results, performance and achievements. Except
as required by law, the Company disclaims any intent or obligation to
publicly update or revise these forward-looking statements whether as a
result of new information, future events or otherwise. You are advised,
however, to consult any additional disclosure the Company makes on its
current reports on Form 6-K to the SEC.
Gemzar(R) (gemcitabine) is a registered trademark of Eli Lilly and
Company.
Tarceva(R) (erlotinib) is a registered trademark of OSI
Pharmaceuticals, Inc.
Xeloda(R) (capecitabine) is a registered trademark of Hoffmann-La Roche
AG.
For further information, please contact:
GPC Biotech AG Fraunhoferstr. 20
82152 Martinsried/Munich, Germany
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 Noonan Russo
Brian Hudspith
Phone: +44 (0)20 7379 5151
bhudspith@maitland.co.uk
In the U.S.:
Noonan Russo
Matt Haines
Phone: +1 212 845 4235
matthew.haines@eurorscg.com
- Financials follow -
Condensed Consolidated Statements of Operations (U.S. GAAP)
in thousand euro, except share and per share data
Three months ended June 30, Six months ended June 30,
2006 2005 2006 2005
(unaudited) (unaudited) (unaudited) (unaudited)
Collaborative revenues (a)5,425 2,488 10,823 4,368
Grant revenues 194 - 194 -
Total revenues 5,619 2,488 11,017 4,368
Research and development
expenses 14,535 13,940 29,054 25,136
General and administrative
expenses 5,800 6,571 10,177 10,516
In-process research and
development - 113 - 683
Amortization of intangible
assets 71 161 143 260
Total operating
expenses 20,406 20,785 39,374 36,595
Operating loss (14,787) (18,297) (28,357) (32,227)
Other income (expense),
net (1,473) 1,325 (2,147) 2,101
Interest income 1,085 1,000 2,036 1,776
Interest expense (22) (44) (44) (67)
Net loss before cumulative
effect of change in
accounting principle (15,197) (16,016) (28,512) (28,417)
Cumulative effect of
change in accounting
principle - - 433 -
Net loss (15,197) (16,016) (28,079) (28,417)
Loss per share before
change in accounting
principle (0.46) (0.53) (0.88) (0.96)
Cumulative effect
of change in accounting
principle - - 0.01 -
Basic and diluted
loss per share, in euro (0.46) (0.53) (0.87) (0.96)
Shares used in computing
basic and diluted
loss per share 33,103,667 30,082,263 32,220,336 29,639,719
(a) Revenues from
related party
Collaborative revenues 1,870 2,433 3,344 4,257
See accompanying notes to unaudited condensed consolidated financial
statements.
Condensed Consolidated Balance Sheets (U.S. GAAP)
in thousand euro, except share data and per share data
June 30, December 31,
2006 2005
Assets (unaudited)
Current assets
Cash and cash equivalents 62,416 30,559
Marketable securities and short-term investments 63,910 63,061
Accounts receivable - 31,326
Accounts receivable, related party - 1,436
Prepaid expenses 2,137 1,333
Other current assets 4,107 3,920
Total current assets 132,570 131,635
Property and equipment, net 3,853 4,103
Intangible assets, net 602 1,072
Other assets, non-current 1,197 838
Restricted cash 1,563 1,615
Total assets 139,785 139,263
Liabilities and shareholders' equity
Current liabilities
Accounts payable 1,680 2,141
Accrued expenses and other current liabilities 9,679 11,274
Current portion of deferred revenue,
related party 3,166 5,228
Current portion of deferred revenue 12,908 19,548
Total current liabilities 27,433 38,191
Deferred revenues, related party,
net of current portion - 975
Deferred revenue, net of current portion 11,568 12,053
Convertible bonds 2,454 2,334
Other liabilities, non-current 2,990 2,177
Shareholders' equity
Ordinary shares, euro 1 non-par, notional value;
Shares authorized: 62,695,630 at June 30, 2006
and 53,780,630 at December 31, 2005
Shares issued and outstanding: 33,150,203
at June 30, 2006 and 30,151,757
at December 31, 2005 33,150 30,152
Additional paid-in capital 321,406 284,931
Accumulated other comprehensive loss (1,680) (2,093)
Accumulated deficit (257,536) (229,457)
Total shareholders' equity 95,340 83,533
Total liabilities and shareholders' equity 139,785 139,263
See accompanying notes to unaudited condensed consolidated financial
statements.
Condensed Consolidated Statements of Cash Flows (U.S. GAAP)
in thousand euro
Six months ended June 30,
2006(unaudited) 2005(unaudited)
Cash flows from operating activities
Net loss (28,079) (28,417)
Adjustments to reconcile net loss to
net cash used in operating activities:
Depreciation 891 1,805
Amortization 143 260
Compensation cost for stock option
plans and convertible bonds 3,246 3,451
Loss accrual on sublease contract 1,013 2,758
Acquired in-process research and development - 683
Cumulative effect of change in accounting
principle (433) -
Change in accrued interest income on
marketable securities and short-term
investments (170) 80
Bond premium amortization 378 282
Other-than-temporary impairment
on marketable securities 390 -
Gain on disposal of property and equipment (23) (22)
Changes in operating assets and liabilities:
Accounts receivable, related party 1,436 68
Accounts receivable 31,325 -
Other assets, current and non-current (1,127) 624
Accounts payable (401) 1,701
Deferred revenue, related party (3,037) (2,449)
Deferred revenue (7,126) 389
Other liabilities and accrued expenses (1,287) 781
Net cash used in operating activities (2,861) (18,006)
Cash flows from investing activities
Purchases of property, equipment and licenses (742) (3,255)
Proceeds from the sale of property and equipment 45 27
Proceeds from the sale or maturity
of marketable securities and
short-term investments 5,000 25,799
Purchases of marketable securities
and short-term investments (5,976) (20,634)
Net cash (used in) / provided by investing
activities (1,673) 1,937
Cash flows from financing activities
Proceeds from issuance of shares,
net of payments for cost of transaction 36,080 -
Proceeds from issuance of shares in asset
acquisition, net of payments
for costs of transaction - 10,412
Proceeds from issuance of convertible bonds 140 -
Proceeds from exercise of stock options
and convertible bonds 560 220
Net cash provided by financing activities 36,780 10,632
Effect of exchange rate changes on cash (359) 1,589
Changes in restricted cash (30) 1,029
Net increase/(decrease) in cash and cash
equivalents 31,857 (2,819)
Cash and cash equivalents at the beginning
of the period 30,559 59,421
Cash and cash equivalents at the end
of the period 62,416 56,602
Supplemental Information:
Cash paid for interest 4 63
Non-cash investing and financing activities:
Net assets acquired in exchange
for shares in connection with asset acquisition - 2,667
See accompanying notes to unaudited condensed consolidated financial
statements.
Condensed Consolidated Statements of Changes in Shareholders' Equity (U.S.
GAAP)
Accumulated
Ordinary shares Other Total
Additional Compre- Share-
Paid-in hensive Accumulated holders'
Shares Amount Capital Loss Deficit Equity
in thousand
euro, except
share data
Balance as of
December 31,
2004 28,741,194 28,741 266,074 (2,732) (167,250) 124,833
Components of
comprehensive
loss:
Net loss (28,417) (28,417)
Change in
unrealized
gain on
available-
for-sale
securities (205) (205)
Accumulated
translation
adjustments 1,411 1,411
Total
comprehensive
loss (27,211)
Issuance of
shares
in asset
acquisition 1,311,098 1,311 11,768 13,079
Exercise of
stock options
and convertible
bonds 33,445 34 186 220
Compensation
costs, stock
options and
convertible
bonds 3,451 3,451
Balance as of
June 30, 2005
(unaudited) 30,085,737 30,086 281,479 (1,526) (195,667) 114,372
Balance as of
December 31,
2005 30,151,757 30,152 284,931 (2,093) (229,457) 83,533
Components of
comprehensive
loss:
Net loss (28,079) (28,079)
Change in
unrealized
gain on
available-for-sale
securities 471 471
Accumulated
translation
adjustments (58) (58)
Total
comprehensive
loss (27,666)
Issuance of
shares 2,860,000 2,860 33,220 36,080
Exercise of
stock options
and
convertible
bonds 138,446 138 442 580
Cumulative
effect of
change in
accounting
principle (433) (433)
Compensation
costs, stock
options and
convertible
bonds 3,246 3,246
Balance as of
June 30, 2006
(unaudited) 33,150,203 33,150 321,406 (1,680) (257,536) 95,340
See accompanying notes to unaudited condensed consolidated financial
statements.
GPC Biotech AG
Notes to the Unaudited Condensed Consolidated Financial Statements
1. Basis of Presentation
The accompanying unaudited condensed 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"), except that 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 three-month and six-month periods ended
June 30, 2006 are not necessarily indicative of results to be expected for
the full year ending December 31, 2006. The balance sheet at December 31,
2005 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, 2005.
Certain prior period amounts in the statement of operations and
statement of cash flows have been reclassified to conform to current period
presentation. The Company has reclassified investments in money market
funds from marketable securities and short-term investments to cash and
cash equivalents in prior periods. Accordingly, the Company has revised the
classification to exclude euro 42.5 million from marketable securities and
short-term investments at June 30, 2005 and to include such amount under
cash and cash equivalents. In addition, the Company has reclassified the
purchase and sale of these investments in money market funds and their
foreign currency effects in its consolidated statements of cash flows,
which decreased cash used in investing activities by euro 40.2 million and
decreased cash used in operations by euro 2.3 million for the six months
ended June 30, 2005. The reclassifications had no impact on the Company's
results of operations or its overall financial position.
2. New Accounting Pronouncements
In July 2006, the FASB issued FASB Interpretation No. 48, "Accounting
for Uncertainty in Income Taxes" ("FIN 48"). FIN 48 is an interpretation of
FASB Statement No. 109, "Accounting for Income Taxes," and it seeks to
reduce the diversity in practice associated with certain aspects of
measurement and recognition in accounting for income taxes. In addition,
FIN 48 requires expanded disclosure with respect to the uncertainty in
income taxes and is effective as of the beginning of 2007 fiscal year. The
Company is currently evaluating the impact, if any, that FIN 48 will have
on its financial statements.
3. Share-based Compensation
Prior to January 1, 2006 the Company accounted for stock options and
convertible bonds under the expense provisions of SFAS No. 123, "Accounting
for Stock-Based Compensation" ("SFAS 123"). As of January 1, 2006, the
Company adopted SFAS No. 123 (Revised 2004) "Share-Based Payment" ("SFAS
123R") using the modified-prospective-transition method. Under that
transition method, compensation cost recognized in 2006 includes: (a)
compensation costs for all share-based payments granted prior to, but not
yet vested as of January 1, 2006, based on the grant date fair value
estimated in accordance with the original provisions of SFAS 123, and (b)
compensation cost for all share-based payments granted subsequent to
January 1, 2006, based on the grant-date fair value estimated in accordance
with the provisions of SFAS 123R. Results for prior periods have not been
restated.
Prior to the adoption of SFAS 123R, the Company recorded all
forfeitures of share-based compensation in the statements of operations as
they occurred. Upon adoption of SFAS 123R, the Company estimated the
forfeitures of unvested share-based compensation at January 1, 2006, and
recorded a cumulative effect of change in accounting principle in the
statement of operations in the amount of euro 433,000.
The Company has three share-based compensation plans: a stock option
plan, a convertible bond plan and stock appreciation rights (SARs). These
plans have been described in the footnotes to the consolidated financial
statements for the year ended December 31, 2005. Compensation costs charged
to research and development and general and administrative expense for the
six- month period ended June 30, 2006 and 2005 were euro 3,246,000 and euro
3,451,000, respectively. As SFAS 123R has been adopted using the modified-
prospective-transition method, stock-based compensation costs for the
three- month and six-month periods ended June 30, 2005 have not been
adjusted for the effects of adopting SFAS 123R as of the beginning of that
period.
The fair value of instruments issued under the share-based compensation
plans was calculated using an option pricing model. The following table
summarizes the assumptions used in calculating the fair value in the
six-month period ended June 30, 2006 and 2005:
Period granted 2006 2005
Risk-free rate 2.90% 2.90%
Dividend yield 0.0% 0.0%
Volatility 60.36% 77.81%
Option grant valuation method Multiple option Single option
Estimated life Vesting period 4 years
plus 1.04 years
Under SFAS 123R, SARs will continue to be accounted for as liability
awards, however the timing of the recognition of the award expense is
different than before the adoption. The ultimate compensation cost for
SARs, if any, is the same after the adoption of SFAS 123R as before the
adoption.
As a result of adopting SFAS 123R on January 1, 2006, the Company's
loss before income taxes and net loss for the six months ended June 30,
2006, are euro 575,000 lower than if it had continued to account for
share-based compensation under SFAS 123. Basic and diluted loss per share
for the six months ended June 30, 2006 are euro 0.02 lower than if the
Company had continued to account for share-based compensation under SFAS
123.
4. Commitments and Contingencies
In the second quarter of 2006 the Company decided not to reoccupy
office and laboratory space at the end of a sublease term as it had
initially planned. As a result the Company recorded a provision for this
space for the period from the expiration of the current sublease through
the end of the lease term. The provision was calculated based on the
current estimate of the fair value of potential sublease rental income
during that period. A loss in the amount of euro 1.0 million was recognized
in general and administrative expenses in the second quarter of 2006. This
amount represents the discounted future estimated net cash disbursements
over the remaining period of the lease agreement.
The Company has several contingent commitments regarding payments
pending on meeting milestones relating to research activities. In the first
quarter of this year the Company initiated a cash bonus plan to retain the
Company's employees until satraplatin gains marketing approval in the U.S.
and in Europe. As of June 30, 2006 there were no recorded liabilities and
expenses recognized with respect to this bonus plan or other research
milestones as the milestones have not been met.
The Company may be party to certain legal proceedings and claims which
arise during the ordinary course of business. In the opinion of management,
the ultimate outcome of these matters will not have material adverse
effects on the Company's financial position, results of operations or cash
flows.
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 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 and convertible debt would be antidilutive.
6. Comprehensive Loss
Comprehensive loss was euro 27.7 million and euro 27.2 million for the
six months ended June 30, 2006 and 2005, respectively. Comprehensive loss
is composed of net loss, unrealized gains and losses on marketable
securities and short-term investments and cumulative foreign currency
translation adjustments. Accumulated other comprehensive loss at June 30,
2006 and 2005 reflected euro 0.3 million and euro 0.3 million of unrealized
gains on marketable securities and short-term investments, and euro 2.0
million and euro 1.8 million of cumulative foreign currency translation
loss adjustments, respectively.
During the three months ended June 30, 2006, a loss was recognized in
the statement of operations for available-for-sale marketable equity
securities that were deemed to be other-than-temporarily impaired.
Accordingly, a loss in the amount of euro 390,000 was reclassified out of
accumulated other comprehensive loss into other income (expense), net, on
the statement of operations.
7. Shareholders' Equity
On February 23, 2006, the Company issued 2,860,000 new ordinary shares
at euro 12.67 per share for a total amount of euro 36.2 million through a
private placement. The transaction was recorded in shareholders' equity net
of transaction costs of euro 0.1 million.
During the six months ended June 30, 2006, employees and convertible
bondholders of the Company exercised some of their fully vested options and
convertible bonds, receiving 138,446 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, 2006 and 2005, the number of employees totalled 232 and
223, respectively.
Shareholdings of Management
As of June 30, 2006, 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 Number of Number of Stock
Shares Options Convertible Appreciation
Bonds Rights
Management Board
Bernd R. Seizinger, M.D.,
Ph.D. - 1,249,280 770,000 -
Elmar Maier, Ph.D. 170,000 289,000 291,000 -
Sebastian Meier-Ewert,
Ph.D. 229,405 299,000 330,500 -
Mirko Scherer, Ph. D. 24,000 359,000 301,000 -
Supervisory Board
Jurgen Drews, M.D.
(Chairman) 28,800 10,000 25,000 40,000
Michael Lytton
(Vice Chairman) 7,500 10,000 31,500 30,000
Metin Colpan, Ph.D. 19,400 10,000 10,000 22,500
Prabhavathi Fernandes,
Ph.D. - - 10,000 25,000
James Frates 1,000 - - 30,000
Peter Preuss 87,500 - 22,500 25,000
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 ext. 267,
usinvestors@gpc-biotech.com, both of GPC Biotech AG; or In the
U.S.: Matt Haines of Noonan Russo, +1-212-845-4235,
matthew.haines@eurorscg.com; or In Europe: Brian Hudspith of
Maitland Noonan Russo, +44 (0)20 7379 5151,
bhudspith@maitland.co.uk
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