GPC shareholder Dietmar Hopp has not raised stake in troubled biotech co |
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Fri, 23 Nov 2007 15:54
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FRANKFURT (Thomson Financial) - Dietmar Hopp has not raised his stake in GPC Biotech AG, the German company that is slashing jobs following setbacks in drug development, Hopp's advisor Friedrich von Bohlen said, rebuffing speculation that Hopp is buying shares.Von Bohlen, who advises Hopp on his biotech investments, told Thomson Financial News partner dpa-AFX that Hopp has neither bought nor sold GPC shares in recent days.Hopp, co-founder of business software giant SAP AG, August raised his stake in GPC in August to 17.24 pct.Shares in GPC jumped as much as 20.69 pct in late morning trades on speculation that Hopp was raising his stake.The shares later pared gains and were down 0.03 eur or 0.86 pct at 3.45 eur as per 3:39 pm.The company said last week it will cut 103 of its 240 jobs after its most advanced compound, satraplatin, failed to prolong the lives of prostate cancer patients in a phase III study.ludwig.burger@thomson.comep/lb/mas/rwCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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GPC Biotech forced to cut jobs after Satraplatin trial failure 