GPC Biotech Provides Update on Merger
(Thomson Reuters ONE) - Corporate news announcement processed and transmitted by Hugin AS.The issuer is solely responsible for the content of this announcement. ------------------------------------------------------------------------------------ * Merger into new Agennix AG on track to close before the end of 2009* Changes to future makeup of Management and Supervisory Boards of Agennix AG* Settlement of merger-related legal proceedingsMartinsried/Munich (Germany) and Princeton, N.J., October 8, 2009 -GPC Biotech AG (Frankfurt Stock Exchange: GPC) today reported thatits planned merger, under which the Company will combine its businesswith Agennix Incorporated, a privately held biotechnology companylocated in Houston, Texas, remains on track to close before the endof 2009. The Company resulting from the merger will be calledAgennix AG.Changes to the future makeup of the Management and Supervisory Boardsof Agennix AGThe Company also today reported a change to the future ManagementBoard (Vorstand) of Agennix AG: Dr. Atul Varadhachary will resignfrom his position as President and Chief Operating Officer of AgennixIncorporated by mutual agreement. He will not be joining theManagement Board of Agennix AG. The other two future Agennix AGManagement Board members - Dr. Friedrich von Bohlen und Halbach(interim Chief Executive Officer) and Dr. Torsten Hombeck (ChiefFinancial Officer) - will serve as planned. Dr. Rajesh Malik, ChiefMedical Officer of Agennix Incorporated, who will also serve as ChiefMedical Officer of Agennix AG, will assume responsibility, effectiveimmediately, for all drug development activities previously managedby Dr. Varadhachary.Dr. Torsten Hombeck, Chief Financial Officer of GPC Biotech, said:"I would like to thank Dr. Varadhachary for his valuablecontributions and wish him the best in his future endeavors. We arelooking forward to working with Dr. Malik as Chief Medical Officer toadvance the combined entity's clinical development programs, mostimportantly the two Phase 3 trials of talactoferrin in non-small celllung cancer."The Company also reported that Dr. Juergen Drews, current Chairman ofthe Supervisory Board of GPC Biotech, will join the Supervisory Boardof Agennix AG as a member, completing the membership of the futuresix-person Supervisory Board.Merger-related legal proceedings settledGPC Biotech reported that the lawsuits brought against the Companyfollowing the Annual Shareholders' Meeting this summer at which themerger agreement between the Company and diagennix GmbH (predecessorto Agennix AG) was approved have been settled. As previouslydisclosed, there were two lawsuits filed against the Company with theregional court (Landgericht) in Munich, both claiming as null andvoid the resolution passed at the Annual Shareholders' Meeting.Under the settlement agreement, GPC Biotech agreed to publish on itswebsite answers to certain questions related to the merger and paythe claimants' legal fees and court costs. The claimants have agreedto withdraw the lawsuits and will make no further claims related tothe shareholder meeting which approved the merger.About GPC BiotechGPC Biotech AG is a publicly traded biopharmaceutical company focusedon developing anti-cancer drugs. The Company currently has twoprograms in clinical development: satraplatin, an oral platinumcompound, and RGB-286638, a multi-targeted protein kinase inhibitor.The Company's shareholders have approved a merger agreement pursuantto which the Company will combine its business with AgennixIncorporated, a privately held biotechnology company located inHouston, Texas. Agennix is developing oral talactoferrin, a productcandidate that is currently in Phase 3 trials for non-small cell lungcancer. GPC Biotech AG is headquartered in Martinsried/Munich(Germany) and has a wholly owned U.S. subsidiary in Princeton, NewJersey. For additional information, please visit GPC Biotech's Website at www.gpc-biotech.com.This press release contains forward-looking statements, which expressthe current beliefs and expectations of the management of GPCBiotech, in particular about the planned merger and the timing of itscompletion. Such statements are based on current expectations andare subject to risks and uncertainties, many of which are beyond ourcontrol, that could cause future results, performance or achievementsto differ significantly from the results, performance or achievementsexpressed or implied by such forward-looking statements. Actualresults could differ materially depending on a number of factors, andwe caution investors not to place undue reliance on theforward-looking statements contained in this press release. There canbe no guarantee that the merger will be completed in a timely manner,if at all. Forward-looking statements speak only as of the date onwhich they are made and GPC Biotech undertakes no obligation toupdate these forward-looking statements, even if new informationbecomes available in the future.For further information, please contact:GPC Biotech AGInvestor Relations & Corporate CommunicationsPhone: +49 (0)89 8565-2693ir(at)gpc-biotech.comIn the U.S.: Laurie DoyleDirector, Investor Relations & Corporate CommunicationsPhone: +1 609-524-5884usinvestors(at)gpc-biotech.comAdditional media contacts for Europe:MC Services AGPhone: +49 (0) 89 210 228 0Raimund Gabrielraimund.gabriel(at)mc-services.euHilda Juhaszhilda.juhasz(at)mc-services.euAdditional investor contact for Europe:Trout International LLCLauren (Rigg) Williams, Vice PresidentPhone: +44 207 936 9325lrigg(at)troutgroup.com --- End of Message ---GPC Biotech AGFraunhoferstr. 20 Martinsried GermanyWKN: 585150; ISIN: DE0005851505; Index: CDAX, Prime All Share, TECH All Share, DAX;Listed: Prime Standard in Frankfurter Wertpapierbörse, Freiverkehr in Börse Berlin, Freiverkehr in Bayerische Börse München, Freiverkehr in Börse Düsseldorf, Freiverkehr in Börse Stuttgart, Freiverkehr in Hanseatische Wertpapierbörse zu Hamburg, Freiverkehr in Niedersächsische Börse zu Hannover, Regulierter Markt in Frankfurter Wertpapierbörse;
Datum: 08.10.2009 - 08:29 Uhr
Sprache: Deutsch
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