GPC Biotech's 1st-qtr 2006 income soars 90%

German drugmaker GPC Biotech AG says that, for the quarter ended March 31, 2006, its revenues soared 90% on the like, year-ago period, to 5.4 million euros ($6.9 million) as its R&D expenses fell 7% to 14.5 million euros while general and administrative costs dropped 20% to 4.4 million euros.

On the strength of its solid results, the company's net loss fell 25% to 12.9 million euros as basic and diluted loss per share was improved to 0.41 euro from 0.57 euro, beating Lehman Brother's forecasts.

Summarizing the group's highlights during the period, Bernd Seizinger, GPC's chief executive, noted that the interim efficacy analysis for the Phase III trial of its anticancer drug has now been held by the independent Data Monitoring Board, which recommended that the trial continue as planned, after the futility analysis was passed. The advent of the drug's final progression-free survival results this fall is anticipated by both the firm and investors. Leham Brothers noted that, if the drug candidate yields positive data, then it will raise its current 17 euro price target on GPC 20%.