GTC Biotherapeutics (fka GTCB)

[flatlander_60048]

Dew

I still have not voted and have not really been too excited about the LFB deal. There are so many intangibles that it is hard to determine whether it is worth the cost of the dilution.

Your musings in post 1164 suggest that the you would not expect any factor VIIa product to reach market before 2013. Is this based on the development time frame for Atryn? Does your estimate factor in any net acceleration due to the technical collaborative benefits and expertise of LFB. Realistically, I know the time for pre-clinical and clinical work would make it difficult to launch in anything less than 6-7 yrs.

It is apparent that LFB is a strong partner for the development and marketing of plasma proteins but the proxy materials do not allow an investor to quantify the net benefit. It seems that the attitude of the Board is that the relationship will allow more rapid diversification of plasma protein portfolio of products (which is good) but I can't quantify whether it is worth the dilution or the potential impediment this could cause to a potential future buy out of GTCB.

My inclination is to vote no based on the information provided in the proxy. Perhaps LFB will sweeten the deal at some point. GTCB is positioned to be a low cost producer of these plasma products it seems that LFB ought to pay up more fore the partnership. Perhaps some milestone payments etc. If the deal does not go through, I know offering/additional dilution will probably occur anyway. So is this really as good a deal as GTCB could expect?

I have been called 3 times in the past 10 days by representatives offering to take my vote. I just don't feel like a very compelling case has been made yet. It sounds more like "trust us the collaberation will be good" type of thing. Any additional last minute thoughts.

FL