Biotech Values

[DewDiligence]

Notes on GTCB 4Q05 PR:

1. Net of a $2.4M debt repayment in January, GTC began 2006 with $33.8M in cash.

2. GTC gave formal notice to the EMEA of the intention to appeal the ATryn rejection. The company has 60 days to submit the appeal and then the Agency has 60 days to rule. Thus, a decision is expected in about four months.

3. No change in guidance vis-à-vis the U.S. ATryn trial.

4. There is no CC today because the company held a CC on Feb 23 (to discuss the EMEA’s rejection of ATryn) and GTC and is giving a webcast presentation this Thursday at the Cowen conference. (The transcript of the Feb 23 CC is at #msg-9856708.)