GPC Biotech Consolidates Drug Discovery Activities

Waltham, Massachusetts Facility to be Closed

08-May-2007

GPC Biotech AG announced that it is consolidating its drug discovery efforts to one location. This consolidation involves closing the Company's facility in Waltham, Massachusetts and a staff reduction involving approximately 16% of the Company's total workforce. Affected employees will be eligible for severance packages that include severance pay, continuation of benefits and outplacement services. The drug discovery programs currently being managed in Waltham will be moved to Munich. The Company is continuing to build its clinical development and commercialization groups based in Princeton, New Jersey.

Bernd R. Seizinger, M.D., Ph.D., Chief Executive Officer, said: "With the acquisition of the assets and the hiring of many research scientists of Munich-based Axxima Pharmaceuticals in 2005, as well as the ending this year of the collaboration with ALTANA Pharma in Waltham, we have decided to consolidate our drug discovery activities into one location - Munich - and we will be making further investments in our drug discovery efforts there. While we believe this action makes sense for the Company strategically, it was not a decision we made lightly as it has necessitated the closing of our Waltham site. I would like to express my sincere appreciation to our Waltham-based employees for their important contributions to GPC Biotech."

Dr. Seizinger continued: "Importantly, we will continue to have a strong and growing presence in the U.S. at our Princeton, New Jersey site, where we have an ongoing effort to expand our clinical development team and build our commercialization organization, including hiring a field sales force for the U.S."

https://www.bionity.com/en/news/64470/gpc-biotech-consolidates-drug-discovery-activities.html