GPC Biotech AG has secured 'fast track' approval from the US Food and Drug Administration to develop a new platinum group metal-based chemotherapy for late-stage prostate cancer.

The company is now set to begin a 1,000 patient trial to clinically test its proprietary treatment, which combines traditional chemotherapy drugs with an orally ingested compound called satraplatin.

The treatment will provide an alternative to those patients who have failed to respond to traditional treatment including surgery, hormone therapy and standard chemotherapy.

Laurie Doyle, GPC Biotech's director of investor relations said the satraplatin treatment could yield potential annual revenue of about $500 million.

'We feel this is a pretty big opportunity,' Mr Doyle said. 'And with FDA approval, we think we can get most of that market.'

GPC Biotech hopes to bring the new treatment to market by 2007.

Satraplatin is a compound from the platinum family that has shown promising treatment results when combined with traditional chemotherapy drugs, namely prednisone.