Agennix AG / Agennix AG Reports Financial Results for First Quarter of 2010 processed and transmitted by Hugin AS. The issuer is solely responsible for the content of this announcement. 

Martinsried/Munich (Germany), Princeton, NJ and Houston, TX, May 6, 2010 -
Agennix AG (Frankfurt Stock Exchange: AGX) today announced financial results for
the first quarter ended March 31, 2010.

First quarter of 2010 compared to first quarter of 2009
Agennix AG was formed by the business combination of Agennix Incorporated and
GPC Biotech AG, which became effective on November 5, 2009, and in which GPC
Biotech AG was identified as the acquirer for accounting purposes. Accordingly,
the comparative historical financial information is that of GPC Biotech AG for
the respective comparative periods.

The Company did not recognize any revenue for the three months ended March
31, 2010 and 2009.

Research and development (R&D) expenses for the three months ended March
31, 2010 increased 355% to EUR 5.0 million compared to EUR 1.1 million for the same
period in 2009. The increase in R&D expenses is primarily due to an increase in
clinical trial costs related to talactoferrin; additions to staff as a result of
the business combination; and a credit to compensation costs, during the first
quarter of 2009, of EUR (1.5) million as a result of the forfeiture of convertible
bonds and stock options.

In the first three months of 2010, administrative expenses decreased 46% to EUR
2.1 million compared to EUR 3.9 million for the same period in 2009. The decrease
in administrative expenses is primarily due to approximately EUR 3.3 million in
one-time merger related costs (banking fees, legal services, audit and other
related services in connection with the business combination), offset by a
credit to compensation cost of EUR (1.7) million as a result of the forfeiture of
convertible bonds and stock options, both of which occurred in the same period
in 2009.

Net loss for the first three months of 2010 was EUR (4.3) million compared to EUR
(4.3) million for the first three months of 2009. Net loss before tax for the
first three months of 2010 was EUR (6.0) million compared to EUR (4.3) million for
the same period in 2009. The difference in the first quarter of 2010 between net
loss and net loss before tax was a non-cash deferred tax benefit of EUR 1.7
million as a consequence of the accounting of the purchase price allocation in
connection with the business combination. Basic and diluted loss per share was EUR
(0.23) for the first three months of 2010 compared to EUR (0.58) for the same
period in 2009. Per share amounts for periods in 2009 have been retrospectively
adjusted to reflect the effect of the 5 to 1 merger exchange ratio related to
the merger of GPC Biotech AG into Agennix AG.

Cash position
As of March 31, 2010, cash and cash equivalents totaled EUR 13.6 million (December
31, 2009: EUR 11.5 million), including EUR 0.1 million in restricted cash. Net cash
burn for the first three months of 2010 was EUR 7.6 million. Net cash burn is
derived by adding net cash used in operating activities and purchases of
property, equipment and intangible assets. The figures used to calculate net
cash burn are contained in the Company's interim consolidated cash flow
statement for the respective periods.

Quarter over quarter results: first quarter of 2010 compared to fourth quarter
of 2009
Revenues for the first quarter of 2010 were EUR 0 compared to EUR 7.5 million for
the previous quarter. In the fourth quarter of 2009, the Company recognized EUR
7.4 million of previously deferred revenue from the agreement with Yakult for
the development of satraplatin in Japan. R&D expenses were EUR 5.0 million for the
first quarter of 2010 compared to EUR 2.9 million for the fourth quarter of 2009.
Administrative expenses for the first quarter of 2010 were EUR 2.1 million
compared to EUR 5.2 million for the fourth quarter of 2009. The Company had a net
loss of EUR (4.3) million compared to EUR (1.3) million for the previous quarter.
Net loss before tax was EUR (6.0) million for the first quarter of 2010 compared
to EUR (2.5) million for the fourth quarter of 2009. Basic and diluted loss per
share was EUR (0.23) for the first quarter of 2010 compared to EUR (0.09) for the
fourth quarter of 2009.

Torsten Hombeck, Ph.D., Chief Financial Officer, said: "The first quarter of
2010 was productive for us: we had additional positive results from the Phase 2
trial with talactoferrin in severe sepsis, expanded the FORTIS-M trial beyond
the U.S. into Europe and other parts of the world, and completed a private
placement raising EUR 9.8 million."

Dr. Hombeck continued: "Our focus in the months ahead will be to advance the
development of talactoferrin in non-small cell lung cancer as well as in severe
sepsis. To achieve our goals, we plan to undertake a significant public
follow-on offering to ensure that Agennix has sufficient funding to get to the
next important milestone with talactoferrin, which we expect to be Phase 3 data
in non-small cell lung cancer by the end of 2011."

Financial guidance
The Company does not expect to have any substantial cash-generating revenues for
the remainder of 2010. However, this guidance does not consider cash revenue
from potential partnering of the Company's product candidates due to the
uncertainty of the timing of such events.

Agennix expects R&D expenses to significantly increase compared to 2009 due to
an expected steady increase in clinical trial-related costs as the Company's
Phase 3 trials in non-small cell lung cancer with talactoferrin progress. In
addition, the Company plans to advance the clinical development of talactoferrin
in severe sepsis. Administrative expenses are expected to decrease in 2010
compared to 2009, as the one-time costs associated with the merger that were
incurred in 2009 will not occur in 2010.

Agennix expects to have sufficient cash to fund operations into the third
quarter of 2010. The Company plans to raise additional funds during 2010 to have
sufficient capital to get to topline data in the FORTIS-M trial and continue
other key development and corporate activities beyond that time period. The
Company is also actively seeking a partnership for oral talactoferrin, which
would provide a non-dilutive source of funding.

Conference call scheduled
As previously announced, the Company has scheduled a conference call to which
participants may listen via live webcast, accessible through the Agennix Web
site at www.agennix.com or via telephone. A replay will be available via the Web
site following the live event. The call, which will be conducted in English,
will be held on May 6 at 15:00 CET/9:00 AM EST. The dial-in numbers for the call
are as follows:

Participants from Europe:

0049 (0)69 667775756
0044 (0)20 3003 2666

Participants from the U.S.:

1-646-843-4608

Please dial in 10 minutes before the beginning of the meeting.

About Agennix
Agennix AG is a publicly traded biopharmaceutical company that is developing
novel therapies in areas of major unmet medical need to improve the length and
quality of life of seriously ill patients. The Company's most advanced program
is talactoferrin, an oral targeted therapy that has demonstrated activity in
randomized, double-blind, placebo-controlled Phase 2 studies in non-small cell
lung cancer as well as in severe sepsis. Talactoferrin is currently in Phase 3
clinical trials in non-small cell lung cancer. Other clinical development
programs include RGB-286638, a multi-targeted kinase inhibitor in Phase 1
testing; the oral platinum-based compound satraplatin; and a topical gel form of
talactoferrin for diabetic foot ulcers. Agennix's registered seat is in
Heidelberg, Germany. The Company has three sites of operation:
Martinsried/Munich, Germany; Princeton, New Jersey and Houston, Texas. For
additional information, please visit the Agennix Web site at www.agennix.com.

This press release contains forward-looking statements, which express the
current beliefs and expectations of the management of Agennix AG, including
statements about the Company's future cash position. Such statements are based
on current expectations and are subject to risks and uncertainties, many of
which are beyond the control of the Company, that could cause future results,
performance or achievements to differ significantly from the results,
performance or achievements expressed or implied by such forward-looking
statements. Actual results could differ materially depending on a number of
factors, and management cautions investors not to place undue reliance on the
forward-looking statements contained in this press release. Forward-looking
statements speak only as of the date on which they are made and Agennix
undertakes no obligation to update these forward-looking statements, even if new
information becomes available in the future.

For further information, please contact:

Agennix AG
Investor Relations & Corporate Communications
Phone: +49 (0)89 8565 2693
ir@agennix.com

In the U.S.:
Laurie Doyle
Director, Investor Relations
& Corporate Communications
Phone: +1 609 524 5884
laurie.doyle@agennix.com

Additional media contacts for Europe:
MC Services AG
Phone: +49 (0)89 210 228 0

Raimund Gabriel
raimund.gabriel@mc-services.eu

Hilda Juhasz
hilda.juhasz@mc-services.eu

Additional investor contact for Europe:
Trout International LLC
Lauren Williams, Vice President
Phone: +44 207 936 9325
lwilliams@troutgroup.com


For the full management report and condensed consolidated financial statements
and accompanying notes for the first three months ended March 31, 2010, please
see the Investor Relations section of the Agennix website
athttp://www.agennix.com




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Agennix AG
Im Neuenheimer Feld 515 Heidelberg Germany

ISIN: DE000A1A6XX4;
Listed: Prime Standard in Frankfurter Wertpapierbörse,
Regulierter Markt in Frankfurter Wertpapierbörse;


    Press Release with Financial Tables: http://hugin.info/142386/R/1412423/364679.pdf