Ad hoc: GPC Biotech AG: GPC Biotech Announces Favorable Ruling in Arbitration with Spectrum
Pharmaceuticals
* Arbitration panel unanimously rejects all of Spectrum's
claims and finds no violations of contract by GPC Biotech
Martinsried/Munich (Germany) and Princeton, N.J., November 6, 2007 -
GPC Biotech AG (Frankfurt Stock Exchange: GPC; TecDAX index; NASDAQ:
GPCB) today announced that a three-arbitrator panel of the American
Arbitration Association, which was appointed to resolve a dispute
over claims raised by Spectrum Pharmaceuticals, Inc. against GPC
Biotech regarding their co-development and license agreement for
satraplatin, has issued its decision in favor of GPC Biotech. The
panel unanimously rejected all of Spectrum's claims and found no
violations of the agreement by GPC Biotech. The decision of the panel
included the following key rulings:
* Spectrum Pharmaceuticals is not entitled to any portion of
the up-front payments that GPC Biotech received from Pharmion
Corporation or from Yakult Honsha Co. Ltd.;
* Spectrum does not have a contractual right to co-promote
satraplatin in the United States and GPC Biotech did not violate
any obligation to negotiate in good faith a co-promotion agreement;
and
* GPC Biotech did not violate its obligation to use
commercially reasonable efforts to commercialize satraplatin in
Japan.
Although the panel ruled for GPC Biotech on the merits, it did not
award GPC Biotech re-imbursement of attorneys' fees and costs.
END OF AD HOC ANNOUNCEMENT
This ad hoc announcement contains forward-looking statements, which
express the current beliefs and expectations of the management of GPC
Biotech AG. Such statements are based on current expectations and are
subject to risks and uncertainties, many of which are beyond our
control, that could cause future results, performance or achievements
to differ significantly from the results, performance or achievements
expressed or implied by such forward-looking statements. Actual
results could differ materially depending on a number of factors, and
we caution investors not to place undue reliance on the
forward-looking statements contained in this ad hoc announcement We
direct you to GPC Biotech's Annual Report on Form 20-F for the fiscal
year ended December 31, 2006 and other reports filed with the U.S.
Securities and Exchange Commission for additional details on the
important factors that may affect the future results, performance and
achievements of GPC Biotech. Forward-looking statements speak only as
of the date on which they are made and GPC Biotech undertakes no
obligation to update these forward-looking statements, even if new
information becomes available in the future.
For further information, please contact:
GPC Biotech AG
Martin Braendle
Director, Investor Relations & Corporate Communications
Phone: +49 (0)89 8565-2693
ir@gpc-biotech.com
In the U.S.: Laurie Doyle
Director, Investor Relations & Corporate Communications
Phone: +1 609 524 5884
usinvestors@gpc-biotech.com
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GPC Biotech AG
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