GPC Biotech (GPCB) Shares Now Cut In Half

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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