GTC Biotherapeutics (fka GTCB)

[DewDiligence]

Re: Merrimack status

>The 3rd quarter ended 33 days ago, so the only thing that is definitive is that Merrimack was still on board as of September 30th. Your statement "We can put to rest the worst-case scenarios about Merrimack" is patently false.<

You’re wrong again—no auditor worth its salt would permit GTC to issue financial statements today implying that the Merrimack relationship was alive if GTC already knew that the relationship was dead. If there is something wrong with the Merrimack program, GTC has not been told about it.

Check out this statement from halfway down in today’s PR:

“… net cash utilization of $21-25 million for 2006…includes projected fourth quarter 2006 cash receipts from our ongoing product supply commitments for Merrimack Pharmaceuticals…”

In addition to talking a remedial accounting course, perhaps you ought to look up the word ongoing in the dictionary.

Out.