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
82152 Martinsried/Munich, Germany
Phone/Fax: +49 (0)89 8565-2600/-2610
Martin Braendle (ext. 2693)
Senior Manager, Investor Relations &
In the U.S.: Laurie Doyle
Associate Director, Investor Relations &
Phone: +1 781 890 9007 X267
Ingenium Pharmaceuticals AG
Gretchen L.P. Schweitzer
Vice President Corporate Strategy
Additional Media Contact for GPC Biotech:
Maitland Noonan Russo
Phone: +44 (0)20 7379 5151
GPC Biotech AG
CONTACT: Martin Braendle, Senior Manager, Investor Relations & CorporateCommunications +49-89-08565-2600 ext. 2693, email@example.com,or in the U.S.: Laurie Doyle Associate Director, Investor Relations &Corporate Communications, +1-781-890-9007 ext. 267,firstname.lastname@example.org, both of GPC Biotech AG; or Gretchen L.P.Schweitzer, Vice President Corporate Strategy of Ingenium Pharmaceuticals AG,+49-89-8565-2398, email@example.com; or in Europe for GPCBiotech: Brian Hudspith of Maitland Noonan Russo, +44-20-7379 5151,firstname.lastname@example.org