GPC Biotech places shares to raise up to 33M euros

Germany's GPC Biotech AG says it intends to make a private placement of up to 1,564,587 shares to institutional investors. The placement price and the final number of shares will be determined by an accelerated bookbuilding procedure with an underwriter.

Both GPC Biotech's management and supervisory boards resolved to increase the total registered share capital of the company out of an existing authorized capital from 33,103,337 euros ($42.89 billion) by an amount of up to 1,564,587 euros as much as a total registered share capital of 34,667,927 euros by issuing the new ordinary bearer shares. The pre-emptive rights of the existing shareholders have been excluded.

The listing of the new shares on the Frankfurt Stock Exchange (Prime Standard) is expected to take place in August 2007.