GPC Biotech Q4 net loss declines to E9.04m

GPC Biotech, a biopharmaceutical company, has reported a net loss of E9.04m, or E0.25 per share, for the fourth quarter of 2008, compared to a net loss of E14.15m, or E0.38 per share, for the fourth quarter of 2007.

For the fiscal year 2008, the company reported a net loss of E21.28m or E0.58 per share, a decrease of 71%, compared to a net loss of E73.59m, or E2.03 per share, for 2007.

Revenues for the three months ended December 31, 2008 decreased 99% to E31,000 compared to E2.09m for the same period in 2007. Revenues decreased 31% to E12.37m for the fiscal year ended December 31, 2008 compared to E18.02m in 2007.

GPC Biotech has also said that it had implemented a further corporate restructuring affecting the company’s Princeton, New Jersey site and resulting in a reduction in the total workforce of approximately 16% (or eight employees). The remaining workforce will be 11 full-time active employees in Munich and 31 in Princeton.

Bernd Seizinger, CEO of GPC Biotech, said: During 2008, we faced many challenges as we focused on re-building our company. Our hard work during 2008 has enabled us to take a major step towards achieving our key strategic goal of strengthening and advancing the company’s cancer drug development pipeline through our proposed combination of businesses with the US-based biotechnology company, Agennix.