GPC Biotech AG (GPCB)

[surf1944]

GPC Biotech Announces Corporate Restructuring and Provides Pipeline Update
Monday February 25, 8:12 am ET
-- Internal oncology development efforts focused on satraplatin and cell cycle inhibitors
-- Restructuring to reduce costs and extend cash reserves
-- Management Board reduced to reflect smaller company size
-- Year-end 2007 cash position of approximately EUR 65 million (~$ 95 million), higher than previous guidance

MARTINSRIED/MUNICH, Germany & PRINCETON, N.J.--(BUSINESS WIRE)--GPC Biotech AG (Frankfurt Stock Exchange: GPC; NASDAQ: GPCB) today announced a corporate restructuring to sharpen the Company’s focus on oncology clinical development efforts and to further reduce costs to extend its cash reserves to cover approximately three years of operating expenses. The restructuring is mainly focused on the Company’s early-stage research activities in Munich and will result in a reduction in the total workforce of approximately 38% (or 38 employees). The remaining work force will be 14 in Munich and 49 in Princeton.
http://biz.yahoo.com/bw/080225/20080225005767.html?.v=1