GPC Biotech reports Q3 results, layoffs

GPC Biotech is regrouping after last week's announcement that a Phase III trial of its prostate cancer drug candidate, satraplatin, failed to help patients live longer in a critical trial. With the possibility of near-term revenue from satraplatin gone, GPC said it will reorganized in order to make its $87 million in cash last through 2009. "Numerous cost-cutting measures to be implemented shortly, including a significant workforce reduction," the company stated in a release. No word yet on just how significant the cuts will be.

GPC will continue Phase II testing of satraplatin. In addition, the company has a Phase I monocolonal antibody in development, and plans to advance a small-molecule drug candidate into Phase I testing in the near future.

- see GPC's Q3 results
- read this Motley Fool item