GPC sees losses increase 56% in FY 2005

GPC Biotech AG, a German biopharmaceutical company, says that its net loss for 2005 was 62.2 million euros ($75.1 million), a 56% increase on the 39.9 million euros it lost the previous year. The firm also reported that its revenues fell to 9.3 million euros from the 12.6 million euros it achieved in 2004. Generally, however, the firm says that its results are in line with analysts' forecasts for the year.

In addition, the group says that its results for 2005 were affected by its increased investment in its R&D program which, at 55.7 million euros, was up 39% on the previous year. Much of this increase was related to the Phase III trial of its lead drug candidate satraplatin in patients with unresectable advanced non-small cell lung cancer, which is at the enrollment stage. The group also announced that it intends to complete the filing of a New Drug Application for marketing approval of the product with the US Food and Drug Administration by the end of 2006, and European regulatory authorities, through its partner Pharmion, in the first quarter of 2007.

GPC added that it has also received European Orphan Drug designation for its developmental monoclonal antibody 1D09C3 for the treatment of lymphocytic leukemia and multiple myeloma.