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GPC Biotech today reported that the Company has received notice from Celgene Corporation of its decision to terminate its co-development and license agreement with GPC Biotech for satraplatin in Europe
Martinsried, Munich, Germany, and Princeton, NJ, USA | August 6, 2008 | GPC Biotech AG (Frankfurt Stock Exchange: GPC, NASDAQ: GPCB) today reported that the Company has received notice from Celgene Corporation of its decision to terminate its co-development and license agreement with GPC Biotech for satraplatin in Europe, Turkey, the Middle East, Australia and New Zealand. All rights to these territories will be returned to GPC Biotech.
Bernd R. Seizinger, M.D., Ph.D., Chief Executive Officer of GPC Biotech said: “We are disappointed, but we understand Celgene’s decision given their recent withdrawal of the Marketing Authorization Application for satraplatin in Europe. We plan to decide in the near future the next steps regarding the development of satraplatin, and we will continue to focus our other efforts on advancing our RGB-286638 kinase inhibitor into the clinic and exploring various merger and acquisition opportunities.”
About GPC Biotech
GPC Biotech AG is a publicly traded biopharmaceutical company focused on anticancer drugs. GPC Biotech's lead product candidate is satraplatin, an oral platinum compound. The Company has various anti-cancer programs in research and development that leverage its expertise in kinase inhibitors. GPC Biotech AG is headquartered in Martinsried/Munich (Germany) and has a wholly owned U.S. subsidiary in Princeton, New Jersey. For additional information, please visit GPC Biotech's Web site at www.gpc-biotech.com.
SOURCE: GPC Biotech |
