Shares of GPC Biotech (GPCB) are off 62% before the open.

GPCB announced that the Phase 3 SPARC trial evaluating satraplatin for the treatment of hormone-refractory prostate cancer did not meet its primary efficacy endpoint.

The shares should open around $4.38. The company has a 52-week high of $37.79.

Douglas A. McIntyre