Satraplatin finds friends

With no money to finance Phase III trials of its satraplatin oral platinum cancer therapy, NeoTherapeutics Inc. chose to partner the compound with familiar people: GPC Biotech AG's recently assembled clinical development team. The team worked with NEOT management while they were at Bristol-Myers Squibb Co. to develop carboplatin and cisplatin.

NEOT (Irvine, Calif.) had only $2.7 million at June 30 and raised about $1 million in July. "Our market capitalization is about $2.5 million right now," said John McManus, vice-president of finance and strategic planning. "So the idea of going out to raise the money to develop the drug was a little bit daunting."...