GPC Bio cuts loss ahead of Agennix merger
Germany's GPC Biotech narrowed its 2008 loss by 71%, year-on-year, ahead of its merger with US biotechnology firm Agennix (Marketletter February 23).
The company's net loss decreased to 21.3 million euros ($28.9 million), or 0.58 loss per share, versus 73.6 million euros, or 2.03 loss per share.
Revenues decreased 31% to 12.4 million euros vs 18.0 million euros. The firm says this is due to termination of its co-development and license agreement for satraplatin with US drugmaker Celgene (Marketletter August 11, 2008), though this was partially offset by the recognition of all remaining deferred revenue from the deal in the amount of 8.2 million euros, as well as a 900,000-euro termination payment.
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