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GPC Biotech Announces Pricing of Global Offering and Completion of Capital Increase - Company raises net proceeds of $95.3 million (€78.6 million) GPC Biotech AG (Frankfurt Stock Exchange: GPC; TecDAX 30) today announced the pricing of the global offering at €12.00 per share or $14.55 per American Depositary Share (ADS) and the successful completion of its capital increase. The offering consisted of a rights offering to existing holders of GPC Biotech’s shares and a global offering, which included public offerings in Germany and the U.S. and private placements with institutional investors in certain other jurisdictions. The combined offering consisted of a total of 7,460,000 shares. Of those shares, 2,632,721 newly issued shares were subscribed for by existing shareholders at the subscription price of €12.50 per share in the rights offering. The remaining 4,527,279 newly issued shares were offered by the Company in the global offering, in addition to 300,000 existing shares offered by certain selling shareholders, at €12.00 per share or $14.55 per ADS. The Company has also granted the underwriters an option until July 30, 2004, to purchase up to an additional 1,119,000 new shares from GPC Biotech at the public offering price to cover over-allotments, if any. The aggregate net proceeds to the Company from the combined offering are approximately $95.3 million (€78.6 million) or $110.6 million (€91.2 million) if the greenshoe option is exercised in full. As part of the allocation, over-allotments in the amount of 1,119,000 shares were made. The ADSs are expected to begin trading on the NASDAQ National Market under the symbol “GPCB” and the new shares are expected to begin trading on the Frankfurt Stock Exchange under the current symbol “GPC” on June 30, 2004. The offering was managed by a syndicate of banks led by Goldman, Sachs & Co. oHG as global coordinator and bookrunner. Other members of the syndicate for the global offering and the rights offering included Lehman Brothers as joint-lead manager and Pacific Growth Equities, LLC and WestLB AG as co-lead managers. Copies of the final prospectus relating to these securities may be obtained when available from Goldman, Sachs & Co.’s prospectus department at 85 Broad Street, New York, New York 10004 or by faxing a request to 212-902-9316. A registration statement relating to these securities was declared effective by the U.S. Securities and Exchange Commission on June 14, 2004. This press release does not constitute an offer to sell nor a solicitation of an offer to buy any securities in the United States, nor does it constitute an offer to sell or a solicitation of an offer to buy any securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any such jurisdiction. GPC Biotech AG is a biotechnology company discovering and developing new anticancer drugs. The Company's lead product candidate - satraplatin - is currently in a Phase 3 registrational trial as a second-line chemotherapy treatment in hormone-refractory prostate cancer primarily in the U.S. and Europe, following successful completion of a Special Protocol Assessment by the U.S. FDA and receipt of a Scientific Advice letter from the European regulatory authority, EMEA. The FDA has also granted fast track designation to satraplatin for this indication. Satraplatin was in-licensed from Spectrum Pharmaceuticals, Inc. Other anticancer programs in development include a monoclonal antibody and a cell cycle inhibitor. The Company is leveraging its drug discovery technologies to elucidate the mechanisms-of-action of drug candidates and to support the growth of its drug pipeline. The Company has formed successful alliances with a number of pharmaceutical and biotechnology firms. For example, the Company has a multi-year alliance with ALTANA Pharma AG to establish the ALTANA Research Institute in the U.S., which provides GPC Biotech with revenues until 2007. GPC Biotech AG is headquartered in Martinsried/Munich (Germany). The Company's wholly owned U.S. subsidiary has research sites in Waltham, Massachusetts and Princeton, New Jersey. For additional information, please visit the Company's Web site at www.gpc-biotech.com. This press release may contain projections or estimates relating to plans and objectives relating to our future operations, products, or services; future financial results; or assumptions underlying or relating to any such statements; each of which constitutes a forward-looking statement subject to risks and uncertainties, many of which are beyond our control. Actual results could differ materially depending on a number of factors, including the timing and effects of regulatory actions, the results of clinical trials, the Company's relative success developing and gaining market acceptance for any new products, and the effectiveness of patent protection. Kontaktinformationen: GPC Biotech AG Fraunhoferstr. 20 82152 Martinsried/Munich, Germany Phone/Fax: +49 (0)89 8565-2600/-2610 info@gpc-biotech.com Martin Braendle (ext. 2693) Senior Manager, Investor Relations & Corporate Communications martin.braendle@gpc-biotech.com In the U.S. Laurie Doyle Associate Director, Investor Relations & Corporate Communications Phone/Fax: +1 781 890 9007 (ext. 267)/-9005 laurie.doyle@gpc-biotech.com
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