GPC Biotech sees 2nd-qtr turnover of $7.1M
German drugmaker GPC Biotech AG reports that its turnover for the second quarter of 2006 was 5.6 million euros ($7.1 million), up 126% on the comparable three months of 2005 and slightly ahead of analysts' consensus estimates. The firm added that the increase was primarily due to the European co-development deal relating to the anticancer agent satraplatin that it signed with US drug developer Pharmion late last year.
In addition, GPC said that its that general and administrative costs for the period had decreased 12% to 5.8 million euros, including a 1.0 million-euro charge relating to a contractual loss on a sublease. The firm also said that its second quarter net losses of 15.2 million euros, equivalent to 0.46 euros per share, represented a 5% reduction on the previous year.
Satraplatin development continues
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