Genitope Corporation Announces Financial Results For Quarter Ended March 31, 2006

REDWOOD CITY, Calif.--(BUSINESS WIRE)--May 4, 2006--Genitope Corporation (Nasdaq: GTOP - News) today reported financial results for the quarter ended March 31, 2006. For the first quarter of 2006, Genitope Corporation reported total operating expenses of $11.9 million and a net loss of $10.9 million, or $0.33 per share. This compares to total operating expenses of $7.6 million and a net loss of $7.0 million, or $0.25 per share, for the same quarter of 2005. During the first quarter of 2006, we adopted the provisions of, and now account for stock-based compensation in accordance with, the Financial Accounting Standards Board's Statement of Financial Accounting Standard No. 123--revised 2004 ("SFAS 123R"), "Share-Based Payment."

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