Biotech Values

[DewDiligence]

GTCB share count for valuation purposes:

At the end of 1Q06, GTC had 61.4M basic shares outstanding. Adding in 11.3M options and warrants disclosed in the 2005 10K report brings the total diluted shares to 72.7M.

However, 4M of these options and warrants are so colossally far out of the money that they cannot affect the share count under any plausible scenarios. Thus, I use 69M as the relevant diluted share count for valuation purposes.