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GPC Q3 Revenues Increase to 3.5M Euros

NEW YORK, Nov. 12 – GPC Biotech of Munich said Monday its third quarter revenues rose 65 percent to 3.5 million euros ($3.1 million) from 2.1 million euros in the year ago period as a result of two new alliances.

During the first nine months of the year, the genomics and proteomics company reported a 58 percent increase in research and development expenses to 23.4 million euros. GPCsaid that expenses from such activities totalled 14.8 million euros in the third quarter, but did not offer a figure for the corresponding period in 2000.

GPC posted net losses of 7.8 million euros, or 0.36 euro a share before the amortization of goodwill and other intangibles, compared with 5.4 million euros, or 0.24 euro a share.

Accounting for amortization, GPC posted a basic and diluted loss per share of 0.42 euro in the third quarter, compared with 0.31 euro in the year ago period.

The company attibuted the widening losses to the ongoing establishment of its clinical development capacities and the significant expansion of its research and development activities in the United State. GPC has facilities in Princeton, NJ, and Waltham, Mass.

At the end of September GPC had 101.5 million euros in cash, cash equivalents, short-term investments, and marketable securities, down from 108.6 million euros at the end of last year.

In the third quarter, German chemical and pharmaceutical company Altana paid 34.2 million euros for an 8.3 percent stake in GPC, helping to boost its cash position.

Last week, GPC announced that it would build a $120 million genomics facility in Waltham, Mass., for Altana’s pharmaceutical division, Byk Gulden.

GPC Biotech uses proprietary genomic and proteomic technologies to identify targets and to validate potential therapeutics for cancer, infectious diseases, and immunology. The company’s other partners include Aventis, Boehringer Ingelheim, Cell Genesys, and MorphoSys.

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