GPC Biotech AG is a biopharmaceutical company, which is engaged in the discovery, development and commercialization of new drugs to treat cancer. The Company has drug candidates in different stages of development. Its lead product candidate is satraplatin, a platinum-based compound intended for use as a chemotherapy treatment. Unlike other platinum-based drugs, satraplatin is administered orally. In December 2005, enrollment was completed in a Phase III registrational trial with satraplatin as a second-line chemotherapy treatment for hormone refractory prostate cancer (HRPC). The Company's second most advanced product candidate is 1D09C3, a monoclonal antibody that is in a Phase 1 clinical trial and is intended for the treatment of selected leukemias and lymphomas, including non-Hodgkin's lymphoma. A monoclonal antibody is an immune system related protein that binds preferentially to one type of foreign substance, potentially stimulating a biological response. GPC Biotech has several research programs to discover new anticancer drug candidates. GPC Biotech also has ongoing technology collaboration with ALTANA Pharma AG pursuant to which the Company is assisting ALTANA Pharma with its research institute in the United States. This agreement includes a research collaboration, as well as a transfer of technologies. Effective January 2003, GPC Biotech also entered into another collaboration agreement with ALTANA Pharma pursuant to which the Company licensed its drug-protein interaction technology, LeadCode, to evaluate compounds in the public domain, as well as certain compounds of ALTANA Pharma. On March 2, 2005, GPC Biotech entered into an asset purchase agreement for the acquisition of substantially all of the assets of Axxima Pharmaceuticals AG (Axxima), a kinase drug discovery firm, which filed for insolvency in December 2004. Satraplatin As of December 31, 2005, there is no approved second-line chemotherapy treatment regimen for patients who fail first-line chemotherapy treatment for HRPC. GPC Biotech was therefore able to obtain fast-track designation from the United States Food and Drug Administration (FDA) for satraplatin in this disease setting and the Company began the rolling submission of a new drug application (NDA) with the FDA for satraplatin in combination with prednisone as a second-line chemotherapy treatment for patients with HRPC in December 2005. To begin the rolling NDA process, GPC Biotech submitted to the FDA the chemistry, manufacturing and controls section of the NDA filing. Based on clinical data from earlier clinical trials, satraplatin may have application in a number of cancers. During the year ended December 31, 2005, GPC Biotech began three additional clinical trials: A Phase II trial evaluating satraplatin as a single agent in patients with metastatic breast cancer; a Phase II trial evaluating satraplatin in combination with Taxol in patients with non-small cell lung cancer, and a Phase I trial evaluating satraplatin in combination with Taxotere. In December 2005, GPC Biotech signed a co-development and license agreement with Pharmion Corporation for satraplatin. Under this collaboration, Pharmion gained commercialization rights to satraplatin for Europe, the Middle East, including Turkey, Australia and New Zealand. The Company retains its rights to the United States, as well as other key non-European markets, including Japan. 1D09C3, Monoclonal Antibody The Company initiated a clinical trial for 1D09C3 in 2005. The Phase I program is evaluating 1D09C3 in patients with relapsed or refractory B-cell lymphomas, such as Hodgkin's and non-Hodgkin's lymphomas, in whom prior standard therapy has failed. The goals of the studies are to determine the maximum tolerated dose, recommend a dose and schedule for subsequent Phase II studies and to examine the safety and tolerability of the antibody. Two different dosing schedules are being explored. As of December 31, 2005, the Phase I clinical program is underway at three major cancer centers in Europe. The European Commission gra

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