GTC Biotherapeutics (fka GTCB)

[DewDiligence]

Biowatch’s assertion about improved cell-culture yields is correct, especially with respect to mAbs. Cell-culture production has closed the gap relative to transgenic production to some degree. However, there are many proteins that express poorly or not at all in cell culture (e.g. antithrombin and Merrimack’s MM-093 alphafetaprotein). In any event, the improvement in cell-culture yields hardly justifies the 10X reduction in valuation that GTC has experienced since 2000. Regards, Dew