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GPC/NeoTherapeutics: Winners and Losers

Struggling for cash after its lead compound failed earlier this year, NeoTherapeutics had little choice but to out-license its Phase II cancer compound, satraplatin. Germany's GPC Biotech was ready to strike. Unlike its compatriots, GPC has the cash-and newly hired management experience-to fund and oversee the rest of satraplatin's development.

When NeoTherapeutics Inc. 's lead candidate leteprinim potassium (Neotrofin) failed in late stage trials for Alzheimer's earlier this year, the cash-strapped company was forced to pawn a remaining asset—just as many other biotechs are having to do. (See "Germany's Biotech Bust," this issue, Also see "Germany's Biotech Bust" - In Vivo, 1 November, 2002..) Unable to afford to take its Phase II cancer compound satraplatin through the rest of clinical development, NeoTherapeutics had to bring in a partner.

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