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Well...after all these years the goats finally paid off...
https://www.wsj.com/articles/SB10001424052748703373404576147483489656732
O my darling, O my darling, O my darling Clementine, you are lost and gone forever, O my darling goats Gymzyme, Thanks Geoffrey.
"Medicinal product sales, which remain the main source of revenue world- wide, went up by 2.9%. The sales of GTC BIOTHERAPEUTICS Inc. in the USA reached €5.1M, mainly from the sales of ATryn®."
Not that it matters, but the above was taken from LFB's 2011 Annual Statement.
Hope all are well. You, too. Vinnie.
In hindsight, I think Coxe's biggest mistake was trying to develop drugs in house without proper funding or any revenue stream rather than just being an outsource cooperating with larger entities. I think he really thought Atryn would save the company (as did most longs). When it became clear that revenues were not forthcoming.... that was the time to abandon ship.
ob... I'm going to miss your cartoons which were usually spot on. Maybe you could have strewn a few shareholder bodies around the dead goat or another cartoon of shareholders taking a bath. In any event, after first buying into the goats in 1995, my remaining token shares will cease to exist. That really is closure. Out...
I believe the dynamics between the companies and any contracts between them will change once LFB owns GTCB.
Yeah, OKY. And they're almost finished with Chapter 7.
jl... Another thing to consider is the 800 pound gorilla coming which should modify big BPs' resistance to new technology, and government's approach to drug development. That's the babyboomer generation approaching retirement. Even though the country can't afford it, politicians will continue buying votes with health care coverage. Big government will do anything to contain the looming costs, and will compel big pharma to go along or get left behind. FOB legislation is just the beginning. Certainly we'll see stem cell research explode. GTCB's platform will find a home somewhere... hopefully before June.
Lewis. As you are one of the brightest followers of the goats, can you opine any realistic scenario where we don't all stumble into the grave with the company? Tia.
"while another company is developing a treatment for nerve gas poisoning in the milk of transgenic goats."
Gee, I wonder which company that is?
Added for the great unwashed masses and daytraders:
http://www.gtc-bio.com/pressreleases/pr032708.html
Or the expectation of approval is already built into the price, and a pop will only occur when an FOB partnership is announced. Of course, announcement of same may be pending approval.
ob,
I agree with most of what you say. I'm not sure of the "slow and steady" however.
I agree with Crou's earlier post that the price will decline into the .50s as the glow from the committee's approval dissipates, and the daytraders hunt for greener pastures. Unless something unexpected happens in the interim, I think the same scenario will repeat as we approach the FDA decision, but I'm sure you and most others who have followed this stock for years have already considered that.
Good luck
If goats breed like sheep the chances are greater than 50% that you will breed more twins than single offspring. For instance, last year we bred 11 ewes in our flock resulting in 17 lambs. This has been the norm for the last 7 years. Viability and survivability would be much higher in the controlled environment of GTCB's farm.
A question for the ages. You should read the entire RMF before you do anything else... barring that, you should invest in vast quantities of NaHCO3 as soon as possible.
Good luck
It was conscious, but subliminal.
OKY... have you noticed that mature oaks have limbs sticking out practically horizontal 20-30 feet? You might want to rethink that planting distance... even though living long enough to see the grown trees touch would endow you with Biblical longevity.
Merry Xmas to All...
Why are there so many more votes re: item three?
More history...
http://people.forbes.com/profile/james-a-geraghty/38737
Cox succeeded Geraghty in July of 2001.
Some history... which begs the question, why has this taken so long?
http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=105&STORY=/www/story/49244
FYI...
http://www.ncbi.nlm.nih.gov/pubmed/16424704?ordinalpos=1&itool=EntrezSystem2.PEntrez.Pubmed.Pubmed_ResultsPanel.Pubmed_DiscoveryPanel.Pubmed_Discovery_RA&linkpos=3&log$=relatedarticles&logdbfrom=pubmed
Various abstracts... (Enter ATIII in DIC)
http://www.ncbi.nlm.nih.gov/sites/entrez
More... http://sciencelinks.jp/j-east/article/200201/000020020101A0857582.php
For the sake of transparency, shouldn't he also offer some insight(s) on the slow sales in Europe? Or would that be too much of a ............ (fill in the appropriate adjective) reflection on his generalship.
I think goatsters should look at the looming decision as the same kind of government bailout the auto industry is seeking. The government is not sure it even wants to get involved, but, if/when it does, it's going to drive (somewhat punny) a very hard bargain. It certainly doesn't want to throw good money after bad, and neither does LFB. The practical result will be the stockholders of today will eventually be left with nothing. The money will be used up supporting overhead. I doubt that any FOB deal is waiting on HD approval in Feb. because nobody knows what type legislation will pass. Risking money on transgenic technology without knowing the rules is not an option in this market.
Personally, after holding nominal shares for 13 years until the last two years when I thought Atryn's multiple applications would make it uber-valuable, I have recently sold most of my position at a significant loss. My remaining 50K is worth so little that I'm just going to let it ride... hoping for a miracle, but fully expecting management not to "unlock GTCB's value." jprp9, wherever you are, I wish I had followed your advice all those years ago. Out.
"...that it had something to do with LEO being under some charitable trust or some such."
I assume Rustyboy didn't press this explanation because one would assume Leo was "under some charitable trust or some such." before GTCB came along. At best, the explanation is disingenuous.
From 10-Q ending 9-28-08:
Protexia was mentioned, but only prior to this 10Q. There was no revenue prediction subsequent to 9-28 except to imply revenue would be intermittent.
I was surprised to read in the below that GTCB's "average share of future profits, which vary by product based on funding, was approximately 13%." Imho, there is not much left for the company to barter with that LFB doesn't own already. The outlook for shareholders seems pretty grim unless Atryn HD is approved on schedule, and a buyer or significant other is waiting in the wings. What could have been...
"LFB Biotechnologies:
In January 2007, we sold 3.6 million shares of our Common Stock to LFB Biotechnologies, or LFB, at a purchase price of $1.23 per share (the market closing price on the date of the agreement in September 2006) representing the final tranche of investment made under a stock purchase agreement with LFB. We received approximately $4.5 million in proceeds from the January sale.
In March 2008, LFB converted 14,500 shares of Series D Convertible Preferred Stock into 14,500,000 shares of common stock.
On June 30, 2008, we entered into an amendment to the Joint Development and Commercialization Agreement with LFB to establish LFB/GTC LLC, a separate legal entity for the joint venture. This amendment added LFB/GTC LLC as a party to the agreement and provided that rights to the intellectual property of the new joint venture will flow through the separate joint venture entity. This amendment also reflected LFB’s agreement to provide up to $6 million in funding for our 2008 development costs related to the programs under the LFB collaboration. Of that amount, we received $3 million in funding in the second quarter from LFB for costs incurred during the first six months of 2008, which was recorded as a reduction to research and development expense during the second quarter of 2008.
During the third quarter of 2008, we incurred approximately $1.2 million of expense in support of the programs in our LFB collaboration, which were charged to LFB/GTC LLC, in accordance with the terms of the joint venture agreement. During the third quarter, we were reimbursed approximately $1.5 million from the LLC, of which approximately $300,000 was recorded as a payable to the LLC at the end of the third quarter. All other terms and conditions remain the same.
Under the agreement, we have the option to share equally with LFB in the cost of the development and commercialization of each product and will be entitled to 50% of any profits derived from products developed through the collaboration provided we each contribute equally to the costs of their development. In the event that the contributions to development are not equal, the profit allocation will be adjusted based on development costs incurred. As of September 28, 2008, our average share of future profits, which vary by product based on funding, was approximately 13%.
Our investment in the joint venture is being accounted for at cost based on our ownership percentage. In October we signed a financing agreement with LFB in which we will issue convertible debt and warrants to purchase our common stock. (See Note 14)"
From the Notice of Special Meeting:
"ADDITIONAL INFORMATION
Deadline for Stockholder Proposals and Director Nominations
If the 2009 Annual Meeting is not held before May 25, 2009 or after July 24, 2009, and if you wish to bring
business before or propose director nominations at the 2009 Annual Meeting of Stockholders, you must notify
us in writing by April 10, 2009 (the date 75 days before the anniversary of the 2008 Annual Meeting).
If you intend to bring such a proposal or nomination at the 2009 Annual Meeting, and you would like us to
consider the inclusion of your proposal or nomination in our proxy statement for the meeting, you must notify us
in writing of your proposal or nomination prior to January 21, 2009.
Any stockholder wishing to recommend a director candidate for consideration by the Nominating and
Corporate Governance Committee should provide the following information to Vice President, Corporate
Communications, c/o GTC Biotherapeutics, Inc., 175 Crossing Boulevard, Framingham, Massachusetts 01702:
• a brief statement outlining the reasons the nominee would b t e an effective director;
• the name, age and business and residence addresses of the candidate;
• the principal occupation or employment of the candidate for the past five years, as well as information
about any other board of directors and board committee on which the candidate has served during
that period;
• the number of shares of our common stock, if any, beneficially owned by the candidate;
• details of any business or other significant relationship the candidate has ever had with us or our
affiliates;
• the stockholder’s name and record address and the name and address of the beneficial owner of shares
of our common stock, if any, on whose behalf the proposal is made; and
• the number of shares of our common stock that the stockholder and any such beneficial owner
beneficially own.
The Nominating and Corporate Governance Committee may seek further information from or about the
stockholder making the recommendation, the candidate, or any such beneficial owner, including information
about all business and other relationships between the candidate and the stockholder and between the candidate
and any such beneficial owner."
Don't prospective directors also have to be approved by the company?
Ref: Msg. 14786
The reason GTCB is 11 cents is a direct result of this proposed deal. Prior to the announcement the PPS was around 40 cents. Thereafter, the price dropped below 31 cents in just a few days. Even you said "it's not the son-in-law one would expect" or words to that effect. LFB is not doing the goats a favor based on current share price, but already has a nice discount built into the original deal based on the valuation at the time. The market hates the deal. That's the reality.
Happy Thanksgiving
Vinnie... it's been a long ride for us. I bought my first shares in 1995 for $2.33. I never thought after 13 years I would sell for .11 as I did today. And I'm not done, although, I might wait for Feb. to see what shakes out. I sure miss 2000... that was really exciting. I used to argue with jprp that it wasn't dead money, but had a bright future. Well, I'll never have to pay capital gains tax again. I wish you well... and everyone on the board who has endured this tragedy over the years. Out.
I believe there would be serious legal repercussions if they tried to do that. I believe they have set the bottom at .31.
Well... if the CW is that LFB may eventually buy out all the shares for at least .31, then you stand to make a few dollars. I think longs should hang on to their shares for the time being.
Assuming LFB does wind up with 52% + of the stock, why would they bother to buy up the rest at .31 or any other number when they can already do whatever they want? Tia
I don't know.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=33411986
All the information is in the RMF...
"Cash Position
Cash and marketable securities at September 28, 2008 totaled $8.8 million, a $7 million decrease compared to $15.8 million at December 30, 2007. GTC recently signed an agreement with LFB for $15 million of convertible debt financing [see #msg-33291062]. The convertible debt, which matures on June 30, 2012, will be subordinated to the current term debt with GE Capital, and will become convertible into GTC common stock at LFB’s option if the debt is not repaid by June 1, 2009. As a condition of the financing, $4 million of the proceeds will be placed in escrow to secure the existing debt to GE Capital. The financing, which is subject to approval by GTC shareholders, consent by GE Capital and other closing conditions, is scheduled to close in mid-December 2008. We expect net proceeds after transaction costs and the escrow amount to be approximately $10 million. With successful completion of the $15 million financing from LFB, GTC projects that its cash resources will be sufficient to support its operations into the second quarter of 2009 [i.e. until the FDA renders a decision on the ATryn BLA]."
Do you see Cox and the BOD ever hiring an investment banker to sell the company?
Can you describe any scenario where current management would engage an investment banker to seek out a buyer?
I stand corrected on the %. Thanks.
" If LFB takes over GTC, Cox and company will be the first casualties, "
So there could be a positive to the deal, plus the possible threat of bankruptcy would be gone. Could LFB take the IP from GTCB leaving the company a shell?