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Martinsried/Munich (Germany), Princeton, NJ and Houston, TX, November
23, 2009 - Agennix AG (Frankfurt Stock Exchange: AGX) today announced
financial results for the third  quarter and first nine months  ended
September 30, 2009.

Agennix AG  was formed  by  the combination  of  GPC Biotech  AG  and
Agennix Incorporated.  The  accounting for  the business  combination
will be based on the acquisition method specified in IFRS 3, Business
combinations (revised 2008). Based on that accounting treatment,  GPC
Biotech  AG  has  been  identified   as  the  acquirer  and   Agennix
Incorporated as  the acquiree  in  this transaction.  Therefore,  the
historical  financial  information  of  Agennix  AG,  including   the
information presented below, is that of GPC Biotech AG.  Furthermore,
for future financial  reports, the  comparative historical  financial
information will  be  that  of  GPC Biotech  AG  for  the  respective
comparative periods.

First nine months of 2009 compared to first nine months of 2008
Revenues decreased 98%  to ? 0.3  million for the  nine months  ended
September 30, 2009, compared to  ?  12.3 million for the same  period
in 2008. The decrease  in revenues is due  to the termination of  the
co-development and  license agreement  for satraplatin  with  Celgene
Corporation. The termination became  effective in September 2008  and
resulted in the recognition as revenue of the unamortized portion  of
the original upfront license fees of ? 7.2 million and ? 1.9  million
of the aggregate pre-payments for  R&D expenses in the third  quarter
of 2008.

Research and development  (R&D) expenses  for the  nine months  ended
September 30, 2009, decreased 71% to ? 3.9 million compared to ? 13.4
million for the same period in 2008. The decrease in R&D expenses  is
primarily due to 1) a decrease in clinical trial costs due to reduced
clinical trial  volumes;  2) staff  reductions  as a  result  of  the
restructuring plans  implemented in  the first  quarter of  2008  and
2009; and 3) a credit to compensation cost totalling ? (1.5)  million
as a result of the forfeiture of convertible bonds and stock options.

In the first nine months  of 2009, administrative expenses  decreased
22% to ?  8.0 million compared  to      ? 10.3  million for the  same
period in 2008. The decrease in administrative expenses is  primarily
due to staff reductions and  other associated activities as a  result
of restructuring plans. The total decrease of     ? (2.3) million  is
net of a credit  to compensation cost totaling  ? (1.7) million as  a
result of the forfeiture of  convertible bonds and stock options,  as
well as an increase of approximately ? 3.3 million in one-time  costs
relating to banking  fees, legal  services, audit  and other  related
services in connection with the merger into Agennix AG, which  closed
on November 5, 2009.

Net loss for the first nine months  of 2009 improved 13% to ?  (10.6)
million compared to  ? (12.2) million  for the first  nine months  of
2008.

Basic and diluted  loss per  share was ?  (0.29) for  the first  nine
months of 2009 compared to ? (0.33) for the same period in 2008.

Cash position and net cash burn
As previously disclosed, the Company reported that Agennix AG's  cash
and cash equivalents position (pro forma) at September 30, 2009 was ?
17.9 million.

As   of   September   30,   2009   cash,   cash   equivalents,    and
available-for-sale investments  for  GPC  Biotech AG  totaled  ?  2.9
million (December 31, 2008: ? 32.0 million), including ? 0.2  million
in restricted cash.

Net cash burn for the first nine  months of 2009 was ? 15.5  million,
with net cash  burn of  ? 4.9  million in  the first  quarter, ?  6.5
million in  the second  quarter and  ? 4.1  in the  third quarter  of
2009.  The decrease in net cash  burn for the third quarter  compared
to the second quarter was mainly  due to payments made in the  second
quarter totaling  ? 2.7  million  for amounts  accrued in  the  first
quarter of 2009 relating to the  merger. 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.

Comparison to previous year:  third quarter 2009 compared to third
quarter 2008
Revenues for the three months ended September 30, 2009, decreased 98%
to ? 0.2 million  compared to ?  9.3 million for  the same period  in
2008. R&D expenses decreased 58% for the three months ended September
30, 2009, to ?  1.3 million compared  to ? 3.1  million for the  same
period in 2008. Administrative expenses for the third quarter of 2009
decreased 45% to ? 1.6 million compared to ? 2.9 million for the same
quarter in 2008. Net loss for the  third quarter of 2009 was ?  (2.1)
million compared to net income of ? 3.5 million for the third quarter
of 2008. Basic and diluted (loss)/income per share was ? (0.06) and ?
0.10 for the third quarter of 2009 and 2008, respectively.

Quarter over quarter results: third quarter 2009 compared to second
quarter 2009
Revenues increased 100%  to ? 0.2  million for the  third quarter  of
2009 compared  to  ?  0.1  for the  previous  quarter.  R&D  expenses
decreased 7% to ? 1.3 million for the third quarter of 2009  compared
to ?  1.4 million  in  the second  quarter of  2009.   Administrative
expenses for the third quarter of 2009 decreased 33% to ? 1.6 million
compared to ? 2.4  million for the  previous quarter.  The  Company's
net loss was
? (2.1) million in the third quarter of 2009, compared to a net  loss
of ? (4.2) million for the  previous quarter. Basic and diluted  loss
per share was ? (0.06)  for the third quarter  of 2009 compared to  a
loss per share of ? (0.11) for the previous quarter.

Torsten Hombeck, Ph.D., Chief Financial Officer, said:  "We are  very
excited that the  merger has  closed and we  are now  operating as  a
single company, working together as  one team to develop our  product
candidates to treat cancer.  With the merger successfully  completed,
we are  focused on  pursuing partnerships  for our  drug  development
programs,  particularly   talactoferrin,  as   well  as   considering
different possible  near-term financing  options in  order to  ensure
that we have sufficient funding to advance these programs."

Financial guidance
The Company updated its guidance for  the full year 2009 and 2010  as
follows:

Revenues: The Company  does not expect  to generate substantial  cash
revenues for the remainder of 2009 nor for 2010. This assumption does
not consider  cash  revenue  from potential  partnership(s)  for  the
Company's product candidates due to the uncertainty of the completion
and timing of such events.

R&D expenses: For  the remainder of  2009 and for  2010, the  Company
expects R&D expenses to significantly  increase compared to 2008  due
to an expected steady increase in clinical trial-related costs as the
Company's Phase 3 trials with talactoferrin progress.

Administrative expenses: Excluding one-time expenses associated  with
the merger, the Company believes that administrative expenses for the
remainder of 2009  and for  2010 will increase  slightly compared  to
2008, primarily due  to the  slight increase  in G&A  headcount as  a
result of the merger.

Cash position: The Company believes  it will have sufficient cash  to
fund operations into the second quarter of 2010.

Conference call scheduled
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 on  the
Web site following the live event. The call, which will be  conducted
in English, will be  held on November 23rd  at 15:00 CET/9:00 AM  ET.
The dial-in numbers for the call are as follows:

Participants in Europe:  0049 69 667775756
                                         0044 20 3003 2666
Participants in the U.S.: 1-646-843-4608

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

About Agennix
Agennix AG is a publicly traded biopharmaceutical company focused  on
developing novel anti-cancer therapies. The Company was formed by the
combination of GPC Biotech AG and Agennix Incorporated. The Company's
most advanced program is talactoferrin, an oral targeted therapy that
is 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  wound
healing. Agennix is  a transatlantic  company with  sites in  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 our control, 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 we  caution
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 (Rigg) Williams, Vice President
Phone: +44 207 936 9325
lwilliams@troutgroup.com


 
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Agennix AG
Fraunhoferstr. 20 Martinsried Germany

ISIN: 
DE000A1A6XX4; 
Listed: Regulierter Markt in Frankfurter Wertpapierbörse, Prime 
Standard in Frankfurter Wertpapierbörse;
http://hugin.info/142386/R/1356524/329629.pdf


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