NEW YORK, March 16 - German Genomics company GPC Biotech said Friday its 2000 revenues more than doubled to 10.9 million euros ($9.8 million), compared with 4.3 million euros in 1999, as the company forged several new research alliances with companies such as Aventis, Boehringer Ingelheim, Altana, and Karo Bio.
In addition to performing contract genomics and proteomics research, the company is also developing an in-house pipeline for drug discovery.
Losses significantly widened in 2000, reaching 35.3 million euros, compared with 3.3 million euros, following the acquisition of Mitotix, a mechanism-based drug discovery company.
Costs incurred from the purchase of Mitotix, located in Cambridge, Mass., and Princeton, NJ, totaled 21.3 million euros, including amortization of intangibles. GPC's in-house R&D expenses also increased, from 5.3 million euros in 1999 to 21.6 million euros.
GPC raised 118.6 million euros in an IPO in May of 2000. At the end of 2000, the company had 108.7 million euros in cash and available-for-sale securities.
"The year 2000 was undoubtedly the most successful year in GPC Biotech's corporate history," GPC Biotech CEO Bernd Seizinger said in a statement.