GPC Biotech Merger into new Agennix AG on track to close before the end of 2009

12-Oct-2009 - Germany

GPC Biotech AG reported that its planned merger, under which the Company will combine its business with Agennix Incorporated remains on track to close before the end of 2009. The Company resulting from the merger will be called Agennix AG.

The Company also reported a change to the future Management Board (Vorstand) of Agennix AG: Dr. Atul Varadhachary will resign from his position as President and Chief Operating Officer of Agennix Incorporated by mutual agreement. He will not be joining the Management Board of Agennix AG. The other two future Agennix AG Management Board members - Dr. Friedrich von Bohlen und Halbach (interim Chief Executive Officer) and Dr. Torsten Hombeck (Chief Financial Officer) - will serve as planned. Dr. Rajesh Malik, Chief Medical Officer of Agennix Incorporated, who will also serve as Chief Medical Officer of Agennix AG, will assume responsibility, effective immediately, for all drug development activities previously managed by Dr. Varadhachary.

GPC Biotech reported that the lawsuits brought against the Company following the Annual Shareholders' Meeting this summer at which the merger agreement between the Company and diagennix GmbH (predecessor to Agennix AG) was approved have been settled. As previously disclosed, there were two lawsuits filed against the Company with the regional court (Landgericht) in Munich, both claiming as null and void the resolution passed at the Annual Shareholders' Meeting. Under the settlement agreement, GPC Biotech agreed to publish on its website answers to certain questions related to the merger and pay the claimants' legal fees and court costs. The claimants have agreed to withdraw the lawsuits and will make no further claims related to the shareholder meeting which approved the merger.

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