GPC Biotech Reports Financial Results for Second Quarter and First Six Months of 2009

MARTINSRIED, GERMANY and MUNICH, GERMANY and PRINCETON, NJ--(Marketwire - August 18, 2009) - GPC Biotech
AG (FRANKFURT: GPC) (XETRA: GPC) today reported financial results for the
second quarter and first six months ended June 30, 2009.

First six months of 2009 compared to first six months of 2008

Revenues decreased 97% to EUR 0.1 million for the six months ended June
30, 2009, compared to EUR 3.0 million for the same period in 2008. The
decrease in revenues is due to the termination of the co-development and
license agreement for satraplatin with Celgene Corporation effective
September 2008. Research and development (R&D) expenses decreased 76% to
EUR 2.5 million for the first six months of 2009 compared to EUR 10.3
million for the same period in 2008. The decrease in R&D expenses is
primarily due to staff reductions as a result of the restructuring plans
implemented in the first quarter of 2008 and 2009, a decrease in clinical
trial costs due to reduced clinical trial volumes and a credit to
compensation cost totalling EUR (1.5) million as a result of the
forfeiture of convertible bonds and stock options. In the first half of
2009, administrative expenses decreased 14% to EUR 6.4 million compared to
EUR 7.4 million for the same period in 2008. The decrease in
administrative expenses is primarily due to staff reductions and other
associated activities as a result of restructuring plans. The total
decrease of EUR (1) million is net of a credit to compensation cost
totaling EUR (1.8) million as a result of the forfeiture of convertible
bonds and stock options, as well as an increase of approximately EUR 3
million in one-time costs relating to banking fees, legal services,
severance and other restructuring costs due to the planned merger. Net loss
for the first six months of 2009 improved 46% to EUR (8.5) million
compared to EUR (15.8) million for the first six months of 2008. Basic
and diluted loss per share was EUR (0.23) for the first six months of 2009
compared to EUR (0.43) for the same period in 2008.

Second quarter of 2009 compared to second quarter of 2008

Revenues for the three months ended June 30, 2009 decreased 93% to EUR 0.1
million compared to EUR 1.5 million for the same period in 2008. R&D
expenses decreased 69% to EUR 1.4 million for the second quarter of 2009
compared to EUR 4.5 million for the same period in 2008. Administrative
expenses for the second quarter of 2009 decreased 38% to EUR 2.4 million
compared to EUR 3.9 million for the second quarter of 2008. The Company's
net loss was EUR (4.2) million in the second quarter of 2009 compared to
EUR (8.7) million for the same period in 2008. Basic and diluted loss per
share was EUR (0.11) for the second quarter of 2009 compared to EUR
(0.24) for the same period in 2008.

Quarter over quarter results: second quarter 2009 compared to first
quarter 2009

Revenues for the second quarter of 2009 were EUR 0.1 million compared to
no revenues for the previous quarter. R&D expenses increased 27% to EUR
1.4 million for the second quarter of 2009, compared to
EUR 1.1 million in the first quarter of 2009. Administrative expenses for
the second quarter of 2009 decreased 38% to EUR 2.4 million compared to
EUR 3.9 million for the previous quarter. The Company's net loss was EUR
(4.2) million in the second quarter of 2009, compared to EUR (4.3) million
for the previous quarter. Basic and diluted loss per share was EUR (0.11)
for the second quarter of 2009 compared to EUR (0.12) the
previous quarter.

Cash position and net cash burn

As of June 30, 2009, cash, cash equivalents, and available-for-sale
investments totaled EUR 5.6 million (December 31, 2008: EUR 32.0
million), including EUR 0.2 million in restricted cash. As previously
reported, in connection with the planned merger, GPC Biotech made a loan to
Agennix in the first quarter of 2009 in the amount of $20 million in the
form of a senior secured convertible promissory note.

Net cash burn for the first six months of 2009 was EUR 11.4 million, with
net cash burn of EUR 4.9 million in the first quarter and EUR 6.5 in the
second quarter of 2009. The increase in net cash burn for the second
quarter compared to the previous quarter was due to payments of
merger-related expenses of approximately EUR 2.7 million which had been
accounted for but not paid out in the first quarter of 2009. Net cash
burn is derived by adding net cash used in operating activities and
purchases of property, equipment and intangible assets. The figures used to
calculate net cash burn are contained in the Company's interim consolidated
cash flow statement for the respective periods.

Financing update

The Company also announced that it has received a loan in the amount of EUR
3 million from diagennix GmbH, which is the new company onto which GPC
Biotech will be merged after diagennix has been changed to a stock
corporation and renamed "Agennix AG." The loan, which bears 12% interest
per annum and has a term of one year, is secured by an assignment of a
portion of the $20 million note in Agennix in the amount of $4.8 million.
This loan is between the two merger partners and so will not impact the
overall cash position of the future combined company. The new company
resulting from the merger is expected to have sufficient cash, as
previously announced, into the second quarter of 2010.

Dr. Torsten Hombeck, Chief Financial Officer, said: "With the approval of
the proposed merger by our shareholders in June, we are working to finalize
the transaction, the closing of which we continue to expect to occur by the
end of this year. We are cooperating closely with our colleagues at
Agennix on drug development activities for talactoferrin and the other
programs in our pipeline, as well as to move forward with the integration
of our two businesses."

Financial guidance

GPC Biotech updated its guidance as a stand-alone entity for the full year
2009. The Company continues to expect no substantial revenues in 2009
since Celgene, the main source of revenues in recent years, terminated its
collaboration and license agreement for satraplatin in 2008. The Company
expects R&D expenses to further decrease for 2009 compared to 2008 due to
an expected steady decrease in clinical trial-related costs. In addition,
the majority of the cost savings from restructurings over the past few
years will be fully recognized in 2009. The Company also expects that,
excluding one-time expenses associated with the proposed merger,
administrative expenses in 2009 will decrease compared to 2008, primarily
due to staff reductions and other associated activities as a result of
earlier restructurings. Regarding cash, GPC Biotech believes that its
existing cash, together with the loan it has received from diagennix,
should be sufficient to fund operations as a stand-alone entity through the
closing of the planned merger. However, if the merger is not completed by
the end of 2009 or at all, the ability of the Company to continue as a
going concern on a stand-alone basis will be immediately threatened.

Conference call scheduled

The Company has scheduled a conference call to which participants may
listen via live webcast, accessible through the GPC Biotech Web site at
www.gpc-biotech.com, or via telephone. A replay will be available on the
Web site following the live event. The call, which will be conducted in
English, will be held on Tuesday, August 18th at 15:00 CET/9:00 AM ET. The
dial-in numbers for the call are as follows:

Participants from Europe: 0049 (0) 69 667775756
0044 (0)20 3003 2666

Participants from the U.S.: 1-646-843-4608

Please dial in 10 minutes before the beginning of the meeting.

About GPC Biotech

GPC Biotech AG is a publicly traded biopharmaceutical company focused on
developing anti-cancer drugs. The Company currently has two programs in
clinical development: satraplatin, an oral platinum compound, and
RGB-286638, a multi-targeted protein kinase inhibitor. The Company's
shareholders have approved a merger agreement pursuant to which the Company
will combine its business with Agennix, Incorporated, a privately held
biotechnology company located in Houston, Texas. Agennix is developing
oral talactoferrin, a product candidate that is currently in Phase 3 trials
for non-small cell lung cancer. GPC Biotech AG is headquartered in
Martinsried/Munich (Germany) and has a wholly owned U.S. subsidiary in
Princeton, New Jersey. For additional information, please visit GPC
Biotech's Web site at www.gpc-biotech.com.

This press release contains forward-looking statements, which express the
current beliefs and expectations of the management of GPC Biotech, in
particular about the planned merger and the likelihood and timing of its
completion, as well as the future cash position of GPC Biotech and the
future combined entity. 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 press release. There can be no guarantee that the merger
between the Company and diagennix GmbH will be completed in a timely
manner, if at all. 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.

- Financials follow -

For the full interim management report and interim condensed consolidated
financial statements and accompanying notes for the second quarter and
first half of 2009, please visit the Investor Relations section of the GPC
Biotech website at
http://www.gpc-biotech.com/en/investor_relations/financial_reports/index.html.

GPC Biotech AG
Interim consolidated statement of operations

Three months ended June 30 Six months ended June 30
2009 2008 2009 2008
(unaudited) (unaudited) (unaudited) (unaudited)
EUR 000 EUR 000 EUR 000 EUR 000

Revenue 103 1,491 103 3,005

Research and
development
expenses (1,400) (4,533) (2,530) (10,282)
Administrative
expenses (2,436) (3,886) (6,360) (7,388)
Amortization of
intangible assets (43) (49) (88) (114)
Impairment of
intangible assets - (2,306) (407) (2,306)
Other income 377 501 1,341 1,235
Other expenses (1,135) (377) (1,114) (780)
Finance income 477 474 752 1,079
Finance costs (135) (27) (164) (216)
------------ ------------ ------------ ------------

Net loss before tax (4,192) (8,712) (8,467) (15,767)
Income taxes - - - -
------------ ------------ ------------ ------------
Net loss for the
period (4,192) (8,712) (8,467) (15,767)
============ ============ ============ ============

Basic and diluted
loss per share (EUR 0.11) (EUR 0.24) (EUR 0.23) (EUR 0.43)
Average number of
shares used in
computing basic
and diluted loss
per share 36,836,853 36,836,853 36,836,853 36,836,853

See accompanying notes to unaudited interim condensed consolidated
financial statements

GPC Biotech AG
Interim consolidated statements of financial position
as of June 30, 2009

June 30, December 31,
2009 2008
(unaudited)
EUR 000 EUR 000
Assets
Non-current assets
Note receivable 13,233 -
Conversion component of note receivable 1,963 -
Property and equipment 390 524
Intangible assets 3,093 3,584
Other financial assets 141 146
------------ ------------
Total non-current assets 18,820 4,254

Current assets
Trade receivables 127 6
Prepayments 97 432
Other current assets 2,199 2,209
Available-for-sale investments 699 136
Cash and cash equivalents 4,695 31,686
------------ ------------
Total current assets 7,817 34,469

Total Assets 26,637 38,723
============ ============

Equity and Liabilities
Equity attributable to the Company’s equity
holders
Issued capital 36,837 36,837
Share premium 366,409 369,654
Other reserves (3,149) (3,918)
Retained loss (387,416) (378,949)
------------ ------------
Total equity 12,681 23,624

Non-current liabilities
Convertible bonds 402 1,705
Deferred revenue, net of current portion 7,380 7,380
------------ ------------
Total non-current liabilities 7,782 9,085

Current liabilities
Trade payables 458 1,221
Accruals and other current liabilities 5,673 4,750
Deferred revenue, current portion 43 43
------------ ------------
Total current liabilities 6,174 6,014

------------ ------------
Total liabilities 13,956 15,099

Total equity and liabilities 26,637 38,723
============ ============

See accompanying notes to unaudited interim condensed consolidated
financial statements

GPC Biotech AG
Selected Financial Data
From Interim Consolidated Cash Flow Statement

Six months ended June 30
2009 2008
(unaudited) (unaudited)
EUR 000 EUR 000

----------- -----------
Net cash used in operating activities (11,392) (18,730)
----------- -----------

Net cash (used in) provided by investing
activities (15,517) 14,324
----------- -----------

----------- -----------
Net cash used in financing activities (332) (1,250)
----------- -----------

Effect of exchange rate changes on cash and cash
equivalents 250 (885)
Changes in restricted cash - (23)
----------- -----------

Net decrease in cash and cash equivalents (26,991) (6,564)
Cash and cash equivalents at beginning of period 31,686 49,681
----------- -----------
Cash and cash equivalent at end of period 4,695 43,117
=========== ===========