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GEN News Highlights : May 3, 2007

GPC Consolidates Drug Discovery Activities to Munich Site

Waltham, MA facility to be closed, but expansion of Princeton, NJ site will continue.

GPC Biotech is consolidating its drug discovery efforts, and the programs currently being managed in Waltham, MA will be moved to its Munich location. Th company's Waltham facility will be closed and staff will be reduced by approximately 16%. The company is continuing to build its clinical development and commercialization groups based in Princeton, NJ.

The move comes after the 2005 acquisition of the assets and hiring of many research scientists of Munich-based Axxima Pharmaceuticals, as well as the ending of a collaboration with Altana Pharma in Waltham.