GPC Biotech to reduce headcount

By Lisa Kerner

Charlotte, N.C., Nov. 15 - GPC Biotech AG is restructuring in a move that will cut staff by some 44%, or 103 employees, with reductions taking place in both Germany and the United States.

GPC Biotech will keep a U.S.-based core drug development team as well as a small group of development people retained in Germany to support ongoing work in Europe.

The company is also retaining a Munich-based core drug discovery group to continue late-stage drug discovery efforts focused on kinase inhibitors.

"Our goal of having approximately two years of operating cash on hand at the end of 2007 has sadly necessitated very significant staff reductions on both sides of the Atlantic," chief executive officer Bernd R. Seizinger said in a company news release.

Seizinger added that GPC Biotech has revised its strategic plan to include a focus on its internal efforts on a limited number of development-stage oncology projects.

The company continues to expect that its cash, cash equivalents and available-for-sale securities position will be about €60 million at year end, according to the release.

GPC Biotech is a biopharmaceutical company based in Martinsried, Germany with a U.S. subsidiary in Princeton, N.J.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.