GPC Biotech's 1st-half 2007 loss deepens 52%

German drugmaker GPC Biotech AG says that, for the first six months of 2007, its revenues decreased 35% on the like, year-ago period to 7.2 million euros ($9.9 million) due to lower development funding received under the co-development and license agreement with Pharmion for the cancer drug satraplatin in Europe and certain other territories, as well as the expiration of various research collaboration arrangements with Altana Pharma.

Net loss for the first half of the year increased 52% to 42.8 million euros as basic and diluted loss per share reached 1.20 euros versus 0.87 euros.

During the period, R&D expenses fell 2% to 28.6 million euros while general and administrative expenses increased 129% to 23.4 million euros as a result of the formation of a sales and marketing organization for the USA, as well as legal expenses related to litigation. GPC also reported restructuring charges of 900,000 euros in the second quarter of 2007, primarily for employee severance and termination costs related to the closing of its R&D site in Waltham, Massachusetts, USA (Marketletter May 14).