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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Gpc Biotech AG ADS (MM) | NASDAQ:GPCB | NASDAQ | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.94 | 0 | 00:00:00 |
From Dec 2019 to Dec 2024
GPC Biotech AG (Frankfurt Stock Exchange: GPC) today reported financial results for the fourth quarter and fiscal year ended December 31, 2008. The results are being reported in accordance with International Financial Reporting Standards (IFRS).
Fiscal year 2008 compared to fiscal year 2007
Revenues decreased 31% to € 12.4 million for the fiscal year ended December 31, 2008 compared to € 18.0 million in 2007. The decrease in revenues is due to decreased payments from Celgene under the co-development and license agreement for satraplatin, the termination of which took effect in September 2008. The decrease was partially offset by the recognition of all remaining deferred revenue in the amount of € 8.2 million related to the co-development and license agreement with Celgene, as well as a € 0.9 million termination payment.
Research and development (R&D) expenses decreased 67% to € 16.8 million for 2008 compared to € 50.6 million for 2007. The decrease in R&D expenses is primarily due to staff reductions as a result of restructuring plans implemented in 2007 and 2008, as well as a decrease in clinical trial costs.
In 2008, administrative (G&A) expenses decreased 61% to € 15.2 million compared to € 38.9 million for 2007. This decrease is primarily due to staff reductions and other associated activities as a result of the 2007 and 2008 restructurings. In addition, in 2007 the Company incurred costs in connection with the building of a commercial infrastructure and also incurred legal fees due to arbitration proceedings initiated by a partner. The Company did not incur such costs in 2008.
Net loss for the fiscal year 2008 decreased 71% to € (21.3) million compared to € (73.6) million for 2007. Basic and diluted loss per share was € (0.58) for 2008 compared to € (2.03) for 2007.
Cash Position
As of December 31, 2008, cash, cash equivalents, marketable securities and short-term investments totaled € 32.0 million (December 31, 2007: € 65.2 million), including € 0.2 million in restricted cash. Net cash burn for fiscal year 2008 was € 33.2 million, with net cash burn of € 10.6 million in the first quarter, € 8.1 million for the second quarter, € 6.1 million for the third quarter and € 8.4 million for the fourth quarter. Net cash burn is derived by adding net cash used in operating activities, purchases of property and equipment and purchases of intangible assets. The figures used to calculate net cash burn are contained in the Company’s consolidated cash flow statement for the fiscal year ended December 31, 2008.
Comparison to previous year: fourth quarter 2008 compared to fourth quarter 2007
Revenues for the three months ended December 31, 2008 decreased 99% to € 31,000 compared to € 2.1 million for the same period in 2007. R&D expenses for the fourth quarter of 2008 decreased 65% to € 3.4 million compared to € 9.7 million for the fourth quarter of 2007. G&A expenses decreased 13% for the fourth quarter of 2008 to € 4.9 million compared to € 5.6 million for the same quarter in 2007. Net loss for the fourth quarter of 2008 was € (9.0) million compared to € (14.2) million for the fourth quarter of 2007. Basic and diluted loss per share was € (0.25) for the fourth quarter of 2008 compared to € (0.38) for the same period in 2007.
Quarter over quarter results: fourth quarter 2008 compared to third quarter 2008
Revenues for the fourth quarter of 2008 were € 31,000 compared to € 9.3 million for the previous quarter. R&D expenses were € 3.4 million for the fourth quarter of 2008 compared to € 3.1 million for third quarter of 2008. G&A expenses for the fourth quarter were € 4.9 million compared to € 2.9 million for the previous quarter. The Company had a net loss of € (9.0) million in the fourth quarter of 2008 compared to net income of € 3.5 million for the previous quarter. Basic and diluted loss per share was € (0.25) for the fourth quarter of 2008 compared to earnings per share of € 0.10 for the previous quarter.
Company restructuring
The Company also announced that it had implemented a further corporate restructuring affecting the Company’s Princeton, NJ site and resulting in a reduction in the total workforce of approximately 16% (or 8 employees). The management of GPC Biotech would like to express its sincere appreciation to the employees affected by this staff reduction for their contributions to the Company. The remaining work force will be 11 full-time active employees in Munich and 31 in Princeton.
Bernd R. Seizinger, M.D., Ph.D., Chief Executive Officer, said: “During 2008, we faced many challenges as we focused on re-building our Company. Our hard work during 2008 has enabled us to take a major step towards achieving our key strategic goal of strengthening and advancing the Company’s cancer drug development pipeline through our proposed combination of businesses with the U.S.-based, privately held biotechnology company, Agennix. Agennix has been our partner of choice, based on their exciting Phase 3 oncology compound, talactoferrin, the complementarity of our skill sets, and the excellent personal chemistry between the teams. We look forward to a successful combined future.”
2009 financial calendar
The Company announced dates for its 2009 quarterly results as follows:
First quarter: May 19, 2009 Second quarter: August 18, 2009 Third quarter: November 17, 2009Conference call scheduled
As previously announced, the Company has scheduled a conference call to which participants may listen via live webcast, accessible through the GPC Biotech Web site at www.gpc-biotech.com or via telephone. A replay will be available via the Web site following the live event. The call, which will be conducted in English, will be held on March 25th at 14:00 CET/9:00 AM ET. The dial-in numbers for the call are as follows:
Participants from Europe:
0049-(0)89 9982 99911
0044-(0)20 7806 1956
Participants from the U.S.:
1- 718 354 1389
Please dial in 10 minutes before the beginning of the meeting.
About GPC Biotech
GPC Biotech AG is a publicly traded biopharmaceutical company focused on developing anti-cancer drugs. The Company currently has two programs in clinical development: satraplatin, an oral platinum compound and RGB-286638, a multi-targeted protein kinase inhibitor. On February 18, 2009 the Company announced plans to combine its business in a new German company with Agennix, Incorporated, a privately-held biotechnology company located in Houston, Texas. Agennix is developing oral talactoferrin, a product candidate that is currently in Phase 3 trials for non-small cell lung cancer. GPC Biotech AG is headquartered in Martinsried/Munich (Germany) and has a wholly owned U.S. subsidiary in Princeton, New Jersey. For additional information, please visit GPC Biotech's Web site at www.gpc-biotech.com.
This press release contains forward-looking statements, which express the current beliefs and expectations of the management of GPC Biotech AG, including statements about the Company’s future cash position, the proposed merger of the Company, the future development of our drug candidates and of talactoferrin, and the potential efficacy and safety profile of our drug candidates and of talactoferrin. Such statements are based on current expectations and are subject to risks and uncertainties, many of which are beyond our control, that could cause future outcomes to differ significantly from the outcomes expressed or implied by such forward-looking statements. Actual outcomes could differ materially depending on a number of factors, and we caution investors not to place undue reliance on the forward-looking statements contained in this presentation.. Forward-looking statements speak only as of the date on which they are made and GPC Biotech undertakes no obligation to update these forward-looking statements, even if new information becomes available in the future.
GPC Biotech AG Consolidated Statement of Operations Three months ended December 31, Year ended December 31, in thousand €, except share and per share data 2008 (unaudited) 2007 (unaudited) 2008 2007 Collaborative revenues 31 2,092 12,372 18,022 Total revenues 31 2,092 12,372 18,022 Research and development expenses (3,405) (9,652) (16,815) (50,551) Administrative expenses (4,859) (5,612) (15,160) (38,942) Amortization of intangible assets (49) (71) (213) (443) Impairment of intangible assets - (2,039) (2,306) (4,968) Other (expenses) income, net (1,045) 121 (682) (391) Finance income 338 1,110 1,824 3,972 Finance costs (53) (100) (304) (294) Net loss before tax (9,042) (14,151) (21,284) (73,595) Income taxes - - - - Net loss for the year (9,042) (14,151) (21,284) (73,595) Loss per share: - basic and diluted loss per share (€0.25) (€0.38) (€0.58) (€2.03) Shares used in computing basic and diluted loss per share 36,836,853 36,783,967 36,836,853 36,181,956 GPC Biotech AG Consolidated Balance Sheets in thousand €, except share data and per share data December 31, December 31, ASSETS 2008 2007 Non-current assets Property and equipment 524 2,401 Intangible assets 3,584 6,105 Other financial assets 146 1,038 Total non-current assets 4,254 9,544 Current assets Trade receivables 6 984 Prepayments 432 874 Other current assets 2,209 3,498 Available-for-sale investments 136 14,077 Cash and cash equivalents 31,686 49,681 Total current assets 34,469 69,114 TOTAL ASSETS 38,723 78,658 EQUITY AND LIABILITIES Equity attributable to the Company's equity holders Issued capital 36,837 36,837 Share premium 369,654 369,267 Other reserves (3,918) (4,320) Retained loss (378,949) (357,665) Total equity 23,624 44,119 Non-current liabilities Convertible bonds 1,705 2,824 Deferred revenue, net of current portion 7,380 13,989 Total non-current liabilities 9,085 16,813 Current liabilities Trade payables 1,221 2,826 Accruals and other liabilities 4,750 10,568 Deferred revenue, current portion 43 4,332 Total current liabilities 6,014 17,726 Total liabilities 15,099 34,539 TOTAL EQUITY AND LIABILITIES 38,723 78,658 Consolidated Cash Flow Statement Year ended December 31, in thousand € 2008 2007 Cash flows from operating activities: Net loss for the year (21,284) (73,595) Adjustments for: Depreciation 675 1,382 Amortization 213 443 Loss accrual on sublease contract and contract termination fee 144 (1,695) Impairment of intangible assets 2,306 4,968 Impairment of property and equipment 17 897 Compensation costs for share based payments 354 3,304 Finance income (1,824) (3,972) Finance costs 304 294 (Gain) loss on sale of property and equipment (217) 29 Impairment of available-for-sale investments 277 - (19,035) (67,945) Decrease in other assets, non-current and current 1,546 3,526 Decrease (increase) in trade receivables 1,133 (578) (Decrease) increase in trade payables (1,637) 747 (Decrease) increase in deferred revenue (10,898) 1,082 Decrease in accruals and other liabilities (5,848) (83) Cash used in operations (34,739) (63,251) Interest received 1,694 1,926 Interest paid (85) (159) Net cash used in operating activities (33,130) (61,484) Cash flows from investing activities: Purchases of property and equipment (50) (1,380) Purchases of intangible assets - (5,436) Proceeds from sale of property and equipment 1,324 117 Proceeds from sale of available-for-sale investments 13,830 42,311 Net cash provided by investing activities 15,104 35,612 Cash flows from financing activities: Proceeds from issue of share capital, net of payments for transaction costs - 32,633 Proceeds from subscribed shares and exercise of share options and convertible bonds - 7,261 Proceeds from issue of convertible bonds - 1,006 Repayment of convertible bonds (1,460) (485) Net cash (used in) provided by financing activities (1,460) 40,415 Effect on exchange rate changes on cash and cash equivalents 221 (3,130) Changes in restricted cash 1,270 (68) Net (decrease) increase in cash and cash equivalents (17,995) 11,345 Cash and cash equivalents at beginning of the period 49,681 38,336 Cash and cash equivalents at end of the period 31,686 49,681 GPC Biotech AG Consolidated Statement of Changes in Equity (in thousand €, except share data) Ordinary shares Shares Issued capital Share premium Subscribed shares Other reserves Retained loss Total equity Balance at December 31, 2006 33,895,444 33,895 328,103 334 (1,222) (284,070) 77,040 Changes in equity for 2007Net change in unrealized gain/loss on available-for-sale investments
(590) (590)Exchange differences on translating foreign operations
(2,695) (2,695) Net loss recognized directly in equity (3,285) Net loss for the year (73,595) (73,595)Total recognized income and expense for the year
(76,880) Issue of share capital-equity offering 1,564,587 1,565 32,074 33,639 Transaction cost (1,006) (1,006) Registration of subscribed shares (334) (334)Exercise of share options and conversion of convertible bonds
1,376,822 1,377 6,656 8,033 Compensation cost from share based payments 3,440 3,440 Equity component convertible bonds 187 187 Balance at December 31, 2007 36,836,853 36,837 369,267 - (4,320) (357,665) 44,119 Changes in equity for 2008Net change in unrealized gain/loss on available-for- sale investments
185 185Exchange differences on translating foreign operations
217 217 Net loss recognized directly in equity 402 Net loss for the year (21,284) (21,284)Total recognized income and expense for the year
(20,882) Compensation cost from share based payments 387 387 Balance at December 31, 2008 36,836,853 36,837 369,654 - (3,918) (378,949) 23,624
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