GPC partners pull cancer drug application

German biotechnology company GPC Biotech AG said Friday its European partner withdrew an application for the troubled cancer drug candidate satraplatin, a move made by GPC in the U.S. last year.

"Although we previously communicated that the approval of the MAA (application) for satraplatin would be challenging, today's outcome is nevertheless disappointing," said Chief Executive Bernd R. Seizinger, in a statement.

The company said it is working to figure out its next step regarding the development of satraplatin.

In July 2007, the company pulled its application with the Food and Drug Administration. GPC then cut jobs in August and November in order to lower expenses. The last round of job cuts, which included closing GPC's Waltham, Mass., facility, was expected to leave 56 employees in Munich and 58 employees in Princeton, N.J.

The drug is being codeveloped with Spectrum Pharmaceuticals Inc. Also, GPC has a co-development and licensing agreement with Pharmion GmbH, a unit of Pharmion Corp., which has European rights to the drug candidate.

Shares of GPC Biotech closed unchanged at $3.18.