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Genitope Corporation fka GTOPQ RSS Feed

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Genitope Corporation
 

http://www.genitope.com/index.html
 

Development Suspended 9-16-2008:

     This Current Report on Form 8-K is being filed by Genitope Corporation (the “ Company ”) to provide an update with respect to the Company’s financial position and current activities. The Company has suspended active development of its MyVax ® personalized immunotherapy and monoclonal antibody programs. The Company estimates that, as of August 31, 2008, net of the approximately $630,000 of accounts payable described below, it had cash and cash equivalents of approximately $1.0 million and marketable securities with an estimated fair market value of approximately $476,000. The Company has sold or otherwise disposed of its equipment and vacated one of the two buildings in Fremont, California that formerly served as its principal offices. The Company intends to vacate the second building in the very near future. The Company currently has one employee, Dr. Dan Denney, Jr., its Chief Executive Officer.
     As of August 31, 2008, the Company had (i) approximately $1.6 million in cash and cash equivalents and (ii) marketable securities with a par value of approximately $711,000 and an estimated current fair market value of approximately $476,000. The Company believes that it had satisfied all of its liabilities as of August 31, 2008, other than accounts payable of approximately $630,000, which the Company intends to satisfy, and obligations under (i) two May 2005 lease agreements to lease an aggregate of approximately 220,000 square feet of space located in two buildings in Fremont, California (the “ Real Estate Leases ”), (ii) a capital lease (the “ GECC Lease ”) with General Electric Capital Corporation (“ GECC ”) and (iii) an equipment lease with Cisco Systems Capital Corporation. There are currently over 12 years remaining under the Real Estate Leases, with a total remaining rental obligation of $97.9 million as of August 31, 2008. The Company’s unsatisfied obligations to GECC and Cisco, after giving effect to the sale of available equipment securing the GECC Lease and the payment of the proceeds therefrom to GECC, are approximately $2.7 million in the aggregate. The Company is unable to satisfy its obligations under these agreements. The Company does not believe that there is remaining equipment securing the GECC Lease that is available for sale to offset its remaining obligation to GECC.
     The Company is continuing to evaluate the data from its pivotal Phase 3 clinical trial of MyVax ® personalized immunotherapy in previously untreated follicular B-cell non-Hodgkin’s lymphoma patients and related data, with the goal of obtaining value for MyVax ® personalized immunotherapy, but the outcome of this evaluation and the Company’s ability to obtain value remains highly uncertain.
     In April 2008, the Company had retained Piper Jaffray & Co. (“ Piper Jaffray ”) to act as its financial advisor to provide financing and strategic advisory services to the Company. In connection with this engagement, representatives of Piper Jaffray contacted a wide range of third parties seeking a possible investment in the Company or with respect to the Company’s assets, or a partnership, licensing or acquisition transaction with the Company. To date, no third party has proposed terms for such a transaction. Accordingly, irrespective of the outcome of the Company’s continuing evaluation with respect to its MyVax ® personalized immunotherapy program, the Company anticipates that it will seek protection under the federal bankruptcy laws or liquidate its assets and dissolve the corporation, which the Company anticipates will result in the stockholders of the Company receiving no consideration or continuing interest in the MyVax ® personalized immunotherapy or monoclonal antibody programs or other assets of the Company as stockholders.
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Historical News Releases
 

Tue, Jun 10, 2008
gets delist warning over share value
at bizjournals.com
 (Tue, Jun 10)
warns Genitope over stock value
at bizjournals.com
 (Tue, Jun 10)
GENITOPE CORP Files SEC form 8-K, Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Tra
EDGAR Online
 (Tue, Jun 10)
Genitope Corporation Announces Receipt of Nasdaq Letter
Business Wire
 (Tue, Jun 10)
Sat, May 31, 2008
GENITOPE CORP Financials
EDGAR Online Financials
 (Sat, May 31)
Wed, May 28, 2008
GENITOPE CORP Files SEC form 8-K, Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Tra
EDGAR Online
 (Wed, May 28)
landlord cancels option, company may seek bankruptcy protection
at bizjournals.com
 (Wed, May 28)
Genitope Corporation Announces Receipt of Nasdaq Determination
Business Wire
 (Wed, May 28)
GENITOPE CORP Files SEC form 10-Q, Quarterly Report
EDGAR Online
 (Wed, May 28)
Tue, May 27, 2008
Clears Space For Competition
at Forbes.com
 (Tue, May 27)
Ends Trials With Nothing Left
at Forbes.com
 (Tue, May 27)
Fri, May 23, 2008
GENITOPE CORP Files SEC form 8-K, Material Impairments
EDGAR Online
 (Fri, May 23)
Fri, May 2, 2008
GENITOPE CORP Files SEC form 8-K, Change in Directors or Principal Officers
EDGAR Online
 (Fri, May 2)
Fri, Apr 18, 2008
GENITOPE CORP Files SEC form 8-K, Triggering Events That Accelerate or Increase a Direct Financial Obligation or an O
EDGAR Online
 (Fri, Apr 18)
Wed, Apr 2, 2008
GENITOPE CORP Files SEC form 8-K, Costs Associated with Exit or Disposal Activities
EDGAR Online
 (Wed, Apr 2)
Mon, Mar 31, 2008
GENITOPE CORP Files SEC form 10-K, Annual Report
EDGAR Online
 (Mon, Mar 31)
Fri, Mar 14, 2008
GENITOPE CORP Files SEC form 8-K, Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Tra
EDGAR Online
 (Fri, Mar 14)
Wed, Mar 12, 2008
GENITOPE CORP Files SEC form 8-K, Other Events
EDGAR Online
 (Wed, Mar 12)
Sat, Feb 23, 2008
adjuvant. The tumor-derived protein that is unique to each patient is the antibody expressed by the tumor cells. Each antibody has unique portions, collectively known as the idiotype, which can be recognized by the immune system. The antibody that is unique to a given patient's tumor is often referred to as the idiotype protein. Genitope's immunotherapy consists of the idiotype protein and a foreign carrier protein administered with an adjuvant to enhance the immune response.

Immunologic carrier proteins are themselves strong antigens and are used to increase the immunogenicity of the patient-specific idiotype. Adjuvants are molecules that attract and activate immune system cells at the site of immunization, which enhances the immune response. Currently, Genitope uses keyhole limpet hemocyanin, or (KLH), as a carrier protein for the idiotype protein and granulocyte macrophage-colony stimulating factor, or GM-CSF, as an adjuvant.

Active immunotherapies, similar to MyVax® Personalized Immunotherapy, for the treatment of NHL have been studied in clinical trials since the late 1980's. Results from these trials suggest that active immunotherapy may induce long-term remission and may improve survival of NHL patients. Despite these results, further development of this immunotherapeutic approach has been limited by manufacturing difficulties. We have developed a proprietary manufacturing process that overcomes many of these historical manufacturing limitations. MyVax® Personalized Immunotherapy is currently in a pivotal Phase 3 trial and additional Phase 2 trials for the treatment of B-cell non-Hodgkin's lymphoma and B-cell chronic lymphocytic leukemia.





 

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