| | GPC Biotech Announces Subscription Price of Rights Offering Martinsried/Munich (Germany), and U.S. Research Facilities in Waltham/Boston, Mass. and Princeton, N.J., June 25, 2004 - GPC Biotech AG (Frankfurt Stock Exchange: GPC; TecDAX 30) today announced that it has set the subscription price for the up to 7,152,047 new shares offered in the rights offering at € 12.50 per share. The rights offering to existing shareholders was published on June 14, 2004 and the subscription period will end on June 28, 2004. Copies of the final prospectus relating to these securities may be obtained, when available, from Goldman, Sachs & Co.'s prospectus department at 85 Broad Street, New York, New York 10004 or by faxing a request to 212-902-9316. This press release does not constitute an offer to sell nor a solicitation of an offer to buy any securities in the United States, nor does it constitute an offer to sell or a solicitation of an offer to buy any securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any such jurisdiction. GPC Biotech AG is a biotechnology company discovering and developing new anticancer drugs. The Company's lead product candidate - satraplatin - is currently in a Phase 3 registrational trial as a second-line chemotherapy treatment in hormone-refractory prostate cancer primarily in the U.S. and Europe, following successful completion of a Special Protocol Assessment by the U.S. FDA and receipt of a Scientific Advice letter from the European regulatory authority, EMEA. The FDA has also granted fast track designation to satraplatin for this indication. Satraplatin was in-licensed from Spectrum Pharmaceuticals, Inc. Other anticancer programs in development include a monoclonal antibody and a cell cycle inhibitor. The Company is leveraging its drug discovery technologies to elucidate the mechanisms-of-action of drug candidates and to support the growth of its drug pipeline. The Company has formed successful alliances with a number of pharmaceutical and biotechnology firms. For example, the Company has a multi-year alliance with ALTANA Pharma AG to establish the ALTANA Research Institute in the U.S., which provides GPC Biotech with revenues until 2007. GPC Biotech AG is headquartered in Martinsried/Munich (Germany). The Company's wholly owned U.S. subsidiary has research sites in Waltham, Massachusetts and Princeton, New Jersey. For additional information, please visit the Company's Web site at www.gpc-biotech.com. This press release may contain projections or estimates relating to plans and objectives relating to our future operations, products, or services; future financial results; or assumptions underlying or relating to any such statements; each of which constitutes a forward-looking statement subject to risks and uncertainties, many of which are beyond our control. Actual results could differ materially depending on a number of factors, including the timing and effects of regulatory actions, the results of clinical trials, the Company's relative success developing and gaining market acceptance for any new products, and the effectiveness of patent protection. In connection with the placement of GPC Biotech AG shares, Goldman, Sachs & Co. oHG is acting as stabilization manager and may, either by itself or through any of its affiliates, take measures to affect the stock exchange price or market price of the shares of GPC Biotech AG in order to offset any negative price fluctuations in the short term. Stabilization measures may be taken as of the date the new shares of GPC Biotech AG are integrated into the trading of the existing shares on the stock exchange and must be finalized no later than 30 calendar days after such date. As a result of such stabilization measures, the stock exchange price or market price of the shares of GPC Biotech AG may be higher than it would be without such measures. In addition, such measures may raise the stock exchange price or market price to a level that is not sustainable in the long term. However, the stabilization manager is under no obligation to take any measures to stabilize the stock exchange price or market price of the shares. To the extent that stabilization measures are taken, they may be terminated at any time. In no event will measures to stabilize the stock exchange price or market price of GPC Biotech AG shares result in prices above the initial offer price in the Global Offering. |
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