Agennix AG i.L.
GPC Biotech AG english
GPC Biotech Reports Financial Results for 3rd Quarter and First 9 Months of 2003
Ad-hoc-announcement transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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GPC Biotech Reports Financial Results for Third Quarter and First Nine Months of
2003
Quarter highlighted by initiation of Phase 3 registrational trial for anticancer
drug candidate, satraplatin
Revenues increased 8% to Euro 16.5 million for first 9 months of 2003
Net loss decreased 21% to Euro 16.7 million for first 9 months of 2003
Improved net loss and cash burn guidance provided for 2003
Cash reserves of Euro 97.5 million as of September 30, 2003
Martinsried/Munich (Germany) and U.S. Research Facilities in Waltham/Boston,
Mass. and Princeton, N.J., November 6, 2003 – GPC Biotech AG (Frankfurt Stock
Exchange: GPC; TecDAX 30) today reported on its successful course of business
for the third quarter and nine months ended September 30, 2003. The Company
also provided improved guidance on net loss and cash burn for the full year
2003. For the nine months ended September 30, 2003, revenues increased 8% to
Euro 16.5 million, compared to Euro 15.3 million for the same period in 2002.
Net loss decreased to Euro (16.7) million for the first nine months of 2003
(first nine months of 2002: Euro (21.2) million). Basic and diluted loss per
share was Euro (0.80) for the first nine months of 2003 compared to Euro (1.02)
for the same period in 2002. As of September 30, 2003, cash, cash equivalents,
restricted cash, short-term investments, and marketable securities totaled Euro
97.5 million (December 31, 2002: Euro117.9 million). The net cash burn (cash
flow from operating activities and investments in property and equipment) was
Euro 20.1 million for the first nine months of 2003, with Euro 6.3 million in
the first quarter, Euro 7.4 million in the second quarter, and Euro 6.4 million
in the third quarter. GPC Biotech provided revised, improved guidance on net
loss and cash burn rate for the full year 2003. The Company improved its
guidance from Euro 33-38 million for net loss to Euro 25-27 million. The
Company also reduced its expected annual cash burn rate for 2003 from Euro 36
million to Euro 30-32 million.
end of ad-hoc-announcement (c)DGAP 06.11.2003
Issuer’s information/explanatory remarks concerning this ad-hoc-announcement:
Press Conference and Investor Meeting Scheduled
The Company has scheduled a press conference and an investor meeting today in
Frankfurt, Germany. Dial-in numbers for the press conference (11:00-12:00 noon
CET; in German) and investor meeting (14:30-15:30 CET/8:30-9:30 A.M. EST; in
English) follow.
Press conference (listen only):
European participants: 0049 (0)69 22 223 105
U.S. participants: 1 866 602 0258 (toll-free)
Investor meeting (listen only):
European participants: 0049 (0)69 22 222 218
U.S. participants: 1 866 850 2201 (toll-free)
Please dial in 10 minutes before the beginning of the conferences. Slides
accompanying both presentations will be available for downloading from the
Company’s Web site (www.gpc-biotech.com) shortly before the start of each
meeting. Replays of both presentations also will be available via the Company
Web site beginning approximately 3 hours after each meeting.
Bernd R. Seizinger, M.D., Ph.D., President and Chief Executive Officer, said,
“We have been carefully controlling our expenses and are pleased to issue
improved guidance on net loss and cash burn for 2003, even though we have
recently initiated a Phase 3 registrational trial for our lead anticancer drug
candidate, satraplatin.” Dr. Seizinger continued, “During the third quarter of
2003, GPC Biotech had a number of fundamental achievements for satraplatin,
including successful completion of a Special Protocol Assessment with the FDA,
receipt of fast track designation from the FDA as a second-line chemotherapy
treatment in hormone-refractory prostate cancer, and the initiation of a Phase 3
registrational trial. We have also made good progress in some of our earlier-
stage drug discovery programs. This includes new in vivo data showing that our
monoclonal antibody, 1D09C3, demonstrated a synergistic effect with the
blockbuster antitumor drug Rituxan (rituximab) in a
non-Hodgkin’s lymphoma model. We have also initiated several new, innovative
drug discovery programs utilizing our proprietary LeadCode drug-protein
interaction technology. The Company remains in a strong financial position, and
we are using our resources to move our promising programs forward.”
For the nine months ended September 30, 2003, revenues increased 8% to Euro 16.5
million, compared to Euro 15.3 million for the same period in 2002. Research
and development (R&D) expenses decreased 13% in the first nine months of 2003 to
Euro 26.4 million (first nine months of 2002: Euro 30.3 million). General and
administrative (G&A) expenses increased 4% to Euro 8.4 million (first nine
months of 2002: Euro 8.1). Non-cash charges for stock options/warrants, which
are included in R&D and G&A expenses, were Euro 2.0 million for the first nine
months of 2003 (first nine months of 2002: Euro 2.7 million). Earnings before
interest and taxes (EBIT) improved to Euro (18.9) million for the first nine
months of 2003, compared to Euro (24.1) million for the same period in 2002. Net
loss decreased to Euro (16.7) million for the first nine months of 2003 (first
nine months of 2002: Euro (21.2) million). Basic and diluted loss per share was
Euro (0.80) for the first nine months of 2003 compared to Euro (1.02) for the
same period in 2002.
For the three months ended September 30, 2003, revenues increased 1% to Euro 5.2
million, compared to Euro 5.1 million for the same period in 2002. R&D expenses
decreased 22% to Euro 8.2 million in the third quarter of 2003 (third quarter
of 2002: Euro 10.5 million). G&A expenses were Euro 3.0 million in the third
quarter of 2003 (third quarter of 2002: Euro 3.0 million). Non-cash charges for
stock options/warrants, which are included in R&D and G&A expenses, were Euro
0.8 million in the third quarter of 2003 (third quarter of 2002: Euro 0.7
million). EBIT improved to Euro (6.3) million in the third quarter of 2003,
compared to Euro (9.0) million for the same period in 2002. Net loss was Euro
(5.7) million in the third quarter of 2003 (third quarter of 2002: Euro (7.6)
million). Basic and diluted loss per share was Euro (0.27) in the third quarter
of 2003, compared to Euro (0.37) for the same period in 2002.
The economic projections and forward-looking statements contained in this
document relate to future facts. Such projections and forward-looking statements
are subject to risks which cannot be foreseen and which are beyond the control
of GPC Biotech AG. GPC Biotech AG is therefore not in a position to make any
representation as to the accuracy of economic projections and forward-looking
statements or their impact on the financial situation of GPC Biotech AG or the
market in the shares of GPC Biotech AG.
Rituxan is a registered trademark of IDEC Pharmaceuticals Corporation.
For further information, please contact:
GPC Biotech AG, Fraunhoferstr. 20, 82152 Martinsried/Munich, Germany
Phone/Fax: +49 (0)89 8565-2600/-2610, info@gpc-biotech.com
Martin Braendle (ext. 2693), Manager, Investor Relations & Corporate
Communications; martin.braendle@gpc-biotech.com
In the U.S.: Laurie Doyle, Sr. Manager, Investor Relations & Corporate
Communications; Phone: +1 781 890 9007 X267, laurie.doyle@gpc-biotech.com
Additional Media Contacts: Euro RSCG Life NRP; In NY: Mark Vincent, Vice
President, Phone: +1 212 845 4239, mark.vincent@eurorscg.com
In London: Veronica Sellar, Senior Account Manager, Tel.: +44 20 7726 4452,
veronica.sellar@eurorscg.com
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WKN: 585150; ISIN: DE0005851505; Index: TecDAX, NEMAX 50
Listed: Geregelter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin-
Bremen, Düsseldorf, Hamburg, Hannover, München und Stuttgart
060726 Nov 03
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