sap goes biotech
sacrifice : sap goes biotech
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 email@example.com In the U.S.: Laurie Doyle Associate Director, Investor Relations & Corporate Communications Phone: +1 781 890 9007 X267 firstname.lastname@example.orgGPC Biotech AG
Web site: http://www.gpc-biotech.com/