GPC Biotech (GPCB) Shares Now Cut In Half

July 25, 2007 by Douglas A. McIntyre

Small biotechs, perhaps the most dangerous shares in the market GPC Biotech (GPCB) is down 33% today to $13.63. It is down by more than half from $37.79, its 52-week high.

The company announced that by an unanimous vote, the FDA’s Oncologic Drugs Advisory Committee said the agency should not approve GPC’s satraplatin before seeing final survival results from a late stage trial. GPC Biotech said it would not be able to provide that data until late 2008, according to Reuters.

Last year, the company lost over $87 million on revenue of less than $30 million. Even with its shares down this much, it still sports a market cap of almost $500 million.

What a peach.

Douglas A. McIntyre