GPC Biotech Reports that Celgene to Terminate Co-Development and License Agreement for Satraplatin

  
    
  
  
    
      GPC Biotech AG (Frankfurt Stock Exchange: GPC, NASDAQ: GPCB) today 
      reported that the Company has received notice from Celgene Corporation 
      of its decision to terminate its co-development and license agreement 
      with GPC Biotech for satraplatin in Europe, Turkey, the Middle East, 
      Australia and New Zealand. All rights to these territories will be 
      returned to GPC Biotech.
    
    
      Bernd R. Seizinger, M.D., Ph.D., Chief Executive Officer of GPC Biotech 
      said: “We are disappointed, but we understand 
      Celgene’s decision given their recent 
      withdrawal of the Marketing Authorization Application for satraplatin in 
      Europe. We plan to decide in the near future the next steps regarding 
      the development of satraplatin, and we will continue to focus our other 
      efforts on advancing our RGB-286638 kinase inhibitor into the clinic and 
      exploring various merger and acquisition opportunities.”
    
    
      About GPC Biotech
    
    
      GPC Biotech AG is a publicly traded biopharmaceutical company focused on 
      anticancer drugs. GPC Biotech's lead product candidate is satraplatin, 
      an oral platinum compound. The Company has various anti-cancer programs 
      in research and development that leverage its expertise in kinase 
      inhibitors. 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. 
      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 results, performance or achievements to differ 
      significantly from the results, performance or achievements expressed or 
      implied by such forward-looking statements. Actual results 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 press release. We direct you to GPC Biotech’s 
      Annual Report on Form 20-F for the fiscal year ended December 31, 2007 
      and other reports filed with the U.S. Securities and Exchange Commission 
      for additional details on the important factors that may affect the 
      future results, performance and achievements of GPC Biotech. 
      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.