GTC Biotherapeutics (fka GTCB)

[DewDiligence]

Merrimack summary:

Although Merrimack is a private company and is reticent to reveal details about its clinical programs, we know that:

1. GTC has budgeted cash receipts from Merrimack during 2007, which implies that the MM-093 programs in RA and/or psoriasis are expected to go forward into phase-3.

2. GTC reported in a recent SEC filing that it has expended the size of its goat herd to produce MM-093.

3. Merrimack itself has said that results of the phase-2 MM-093 trials will be presented at the European Congress of Rheumatology (EULAR) conference in Barcelona, Spain, June 13-16, 2007.

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Merrimack’s 2006 press releases for the RA and psoriasis programs can be found here:

#msg-8163705 (RA)
#msg-10727170 (psoriasis)

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