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GPC Biotech reports 171% increase in revenues, burns €18.2 million during first nine months of 2006
By Lisa Kerner
Charlotte, N.C., Nov. 9 - GPC Biotech AG said its revenues were up 171% for the first nine months of 2006, from €17.6 million for the prior-year period.
The company's net cash burn for the first nine months of 2006 was €18.2 million, with €12.8 million of net cash generated in the first quarter of 2006. Net cash burn was €16.1 million for the second quarter of 2006 and €14.6 million for the third quarter of 2006.
GPC's revenues rose 21.4% to €6.6 million for the three months ended Sept. 30, from €2.1 million for the same period in 2005.
Research and development expenses for the third quarter increased 36% for the quarter to €20.1 million, compared with €14.8 million for the third quarter of 2005.
GPC reported a net loss for the third quarter of 2006 of €18.7 million, or €0.57 per share, a 13% increase from the reported net loss of €16.5 million, or €0.55 per share, for the third quarter of 2005.
At the end of the third quarter of 2006, GPC had cash, cash equivalents, marketable securities and short-term investments totaling €113.9 million, compared with €95.2 million at Dec. 31, 2005.
"Our revenues more than tripled in the third quarter of 2006 compared to the same period in 2005 due to our co-development and license agreement with Pharmion," chief financial officer Mirko Scherer said in a news release.
"Originally, we expected to approximately double the 2005 revenue amount of €9.3 million to just under €19 million. We now expect to book revenues of more than €22 million for 2006."
GPC is a biopharmaceutical company based in Martinsried, Germany, with wholly owned U.S. subsidiary sites in Waltham, Mass. and Princeton, N.J.
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