GPC Biotech Withdraws Satraplatin NDA Filed for Accelerated Approval
* Company Plans to Resubmit Application Pending Final Survival
Analysis
Martinsried/Munich (Germany) and Princeton, N.J., July 30, 2007 - GPC
Biotech AG (Frankfurt Stock Exchange: GPC; TecDAX index; NASDAQ:
GPCB) today announced that it has withdrawn the satraplatin capsules
New Drug Application (NDA) filed for accelerated approval for the
treatment of hormone-refractory prostate cancer patients whose prior
chemotherapy has failed. The Company based its decision on the vote
by the Oncologic Drugs Advisory Committee (ODAC) to the U.S. Food and
Drug Administration (FDA) on July 24, 2007 that the FDA should wait
for the final survival analysis of the SPARC trial before deciding
whether satraplatin is approvable.
The Company anticipates overall survival results from the SPARC trial
to be available within six months. However, this timing is based on
an extrapolation of death rates in the trial and may change.
"While we were very surprised and disappointed by last week's ODAC
outcome, we need to move forward," said Bernd R. Seizinger, M.D.,
Ph.D., Chief Executive Officer of GPC Biotech. "Thus, we are
focusing our efforts on the overall survival results from the
satraplatin SPARC trial and integrating these data into the strongest
possible NDA submission. If these data are positive, we plan to
submit an NDA to the FDA as quickly as possible."
About Satraplatin
Satraplatin, an investigational drug, is a member of the platinum
family of compounds. Platinum-based drugs are a critical part of
modern chemotherapy treatments and are used to treat a wide variety
of cancers. All platinum drugs currently on the market require
intravenous administration. Satraplatin is an oral compound that
clinical trial patients are able to take at home. Satraplatin is not
currently approved by the FDA in the United States, by the EMEA in
the European Union or any other regulatory authority, and no
conclusions can or should be drawn regarding its safety and
efficacy.
A Phase 3 registrational trial, called SPARC, is evaluating
satraplatin plus prednisone versus placebo plus prednisone in 950
patients with hormone-refractory prostate cancer whose prior
chemotherapy has failed. Patients who have not progressed continue
to be treated and all patients are being followed for overall
survival. In July 2007, ODAC recommended that the FDA should wait for
the final survival analysis of the SPARC trial before deciding
whether satraplatin is approvable.
GPC Biotech has a co-development and license agreement with Pharmion
GmbH, a wholly owned subsidiary of Pharmion Corporation, under which
Pharmion has been granted exclusive commercialization rights to
satraplatin for Europe and certain other territories. GPC Biotech has
also entered into an agreement with Yakult Honsha Co. Ltd. under
which Yakult has been granted exclusive commercialization rights to
satraplatin for Japan. GPC Biotech in-licensed satraplatin from
Spectrum Pharmaceuticals, Inc. in 2002.
Satraplatin has been studied in clinical trials involving a range of
tumors. Trials evaluating the effects of satraplatin in combination
with radiation therapy, in combination with other cancer therapies
and in a number of cancer types are underway or planned.
About GPC Biotech
GPC Biotech AG is a publicly traded biopharmaceutical company focused
on discovering, developing and commercializing new anticancer drugs.
GPC Biotech's lead product candidate satraplatin is currently in a
Phase 3 registrational trial in second-line hormone-refractory
prostate cancer. GPC Biotech is also developing a monoclonal antibody
with a novel mechanism-of-action against a variety of lymphoid
tumors, currently in Phase 1 clinical development, and has ongoing
drug development and discovery programs that leverage its expertise
in kinase inhibitors. GPC Biotech AG is headquartered in
Martinsried/Munich (Germany) and has a wholly owned U.S. subsidiary
headquartered in Princeton, New Jersey. For additional information,
please visit GPC Biotech's Web site at www.gpc-biotech.com.
This press release contains forward-looking statements, which express
the current beliefs and expectations of the management of GPC Biotech
AG, including statements about the status of the FDA review process.
Such statements are based on current expectations and are subject to
risks and uncertainties, many of which are beyond our control, that
could cause future results, performance or achievements to differ
significantly from the results, performance or achievements expressed
or implied by such forward-looking statements. Actual results could
differ materially depending on a number of factors, and we caution
investors not to place undue reliance on the forward-looking
statements contained in this press release. In particular, there can
be no guarantee that additional information relating to the safety,
efficacy or tolerability of satraplatin may be discovered upon
further analysis of data from the SPARC trial or analysis of
additional data from other ongoing clinical trials for satraplatin.
Furthermore, we cannot guarantee that satraplatin will be approved
for marketing in a timely manner, if at all, by regulatory
authorities nor that, if marketed, satraplatin will be a successful
commercial product. We direct you to GPC Biotech's Annual Report on
Form 20-F for the fiscal year ended December 31, 2006 and other
reports filed with the U.S. Securities and Exchange Commission for
additional details on the important factors that may affect the
future results, performance and achievements of GPC Biotech.
Forward-looking statements speak only as of the date on which they
are made and GPC Biotech undertakes no obligation to update these
forward-looking statements, even if new information becomes available
in the future.
Satraplatin has not yet been approved by the FDA in the U.S., the
EMEA in Europe or any other regulatory authority and no conclusions
can or should be drawn regarding its safety or effectiveness. Only
the relevant regulatory authorities can determine whether satraplatin
is safe and effective for the use(s) being investigated.
For further information, please contact:
GPC Biotech AG
Martin Braendle
Director, Investor Relations & Corporate Communications
Phone: +49 (0)89 8565-2693
ir@gpc-biotech.com
In the U.S.: Laurie Doyle
Director, Investor Relations & Corporate Communications
Phone: +1 609 524 5884
usinvestors@gpc-biotech.com
Additional Media Contacts:
In Europe: Maitland
Brian Hudspith
Phone: +44 (0)20 7379 5151
bhudspith@maitland.co.uk
In the U.S.: Russo Partners, LLC
David Schull
Phone: +1 212 845 4271
david.schull@russopartnersllc.com
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GPC Biotech AG
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