GTC Biotherapeutics (fka GTCB)

[DewDiligence]

GTC won’t be down to $20M until 2008 unless they either sharply increase working capital or start some new program we don’t know about yet.

The cash balance as of the first week of January 2007 will be $50-54M. In 2007, some cash will be coming in from ATryn commercial sales in HD and some will be coming in from ATryn clinical-trial use in DIC. The former is reimbursed by Leo with a profit margin for GTC and the latter is reimbursed by Leo at GTC’s production cost, which includes some contribution toward sunk fixed costs and thereby boosts GTC’s cash balance.

In short, I think you’re off by at least a quarter or two.