Biotech Values

[DewDiligence]

GTCB 10K filing and updated share count:

For valuation purposes, the pertinent fully-diluted share count is 68M, which includes 7.3M options and warrants. (An additional 4.0M options and warrants are so far out of the money that they will not have any consequence in any realistic scenarios.)

The 10K, which was filed this morning, contains no important new disclosures that I’m aware of.

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This excerpt from the 10K shows what might have been:

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We have also successfully demonstrated transgenic production of other compounds with multiple external partners, including two MAb programs with Centocor, one of which was a transgenically produced form of Remicade, two MAb programs with Elan Pharmaceuticals that included one for Tysabri, two MAb programs with Abbott that included one for Humira, and two programs with Bristol Myers Squibb [one of which was Orencia]. These programs did not move forward into commercial production because we had not yet obtained regulatory approval for our transgenic technology by the time our partners had to make decisions for clinical or commercial production of their compounds.
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