GPC Biotech initiated with "overweight"

08/10/04 - Pac. Growth Equities

NEW YORK, August 10 (New Ratings) - Analyst Gregory Wade of Pacific Growth Equities initiates coverage of GPC Biotech (GPCB) with an "overweight" rating.

GPC Biotech is a biopharmaceutical company.

According to Pacific Growth Equities' research note published yesterday, the company’s lead chemotherapy drug, Satraplatin, has been an extremely successful chemotherapy drugs. The company’s product, Oxaliplatin, is likely to post sales of nearly $1.5 billion during 2004, the analyst states. GPC Biotech has received an SPA from the US FDA and a similar deal from the EMEA for its current study on second-line chemotherapy treatment in patients with hormone refractory prostate cancer, Pacific Growth Equities adds.

Pacific Growth Equities mentions that the clinical development of GPC Biotech’s second lead product, 1D09C3, an antibody for the treatment of hematological malignancy, is likely to begin by Q105. The analyst expects the clinical development of the company’s Cdk inhibitor product, RGB-286199, to begin by H205. GPC Biotech’s drug, Satraplatin is capable of providing impressive clinical benefits to patients when used with chemotherapy and radiotherapy, the analysts say.

The EPS estimate for 2005 is -$2.15.

Pacific Growth Equities initiates coverage of GPC Biotech with an "overweight" rating.