GPC Biotech withdraws European prostate drug filing

LOS ANGELES, July 25 (Reuters) - Germany's GPC Biotech AG (GPCG.DE: Quote, Profile, Research, Stock Buzz) said on Friday that the European marketing application for its experimental prostate cancer drug satraplatin would be withdrawn.

GPC said issues raised by European regulators indicate that the application is currently not approvable based on the information provided.

"We are working closely with our partners to determine the next steps regarding the development of satraplatin and continue to focus our other efforts on advancing our RGB-286638 kinase inhibitor into the clinic and exploring various merger and acquisition opportunities," GPC Chief Executive Bernd Seizinger said in a statement.

The company announced last October that the drug had failed a late-stage clinical trial and it would no longer seek U.S. regulatory approval. (Reporting by Deena Beasley)