GTC Biotherapeutics (fka GTCB)

[DewDiligence]

Talecris Files for IPO

Talecris Biotherapeutics is the plasma-protein company that was acquired from Bayer two years ago (#msg-5925270). One of Talecris’ products is plasma-derived antithrombin sold under the brand name, Thrombate. However, due to plasma-fractionation settings and the fact that the product is still made at a plant belonging to Bayer, Thrombate is rarely available commercially and it produces only $10-15M in annual sales.

If the Talecris IPO goes through, it will make it easier for GTC investors to keep track of goings-on with plasma-derived proteins in general and plasma-derived antithrombin in particular.

Here’s a notable paragraph from page 113 of the prospectus (emphasis added):

http://www.sec.gov/Archives/edgar/data/1405197/000104746907005901/a2178655zs-1.htm

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We are exploring the possibility that Thrombate III Antithrombin III provides clinical benefit to patients undergoing kidney transplant procedures by reducing the rate of delayed graft function. Delayed graft function (DGF) is a term used to describe the lack of acceptable autonomous function in a kidney which, after transplantation, requires intervention in the form of dialysis. DGF is correlated with adverse outcomes including graft survival and patient survival. A clinical program is under evaluation that would be designed to ascertain the benefit of Thrombate III Antithrombin III in the treatment of kidney transplant patients who are at higher risk for DGF. The scope of the program includes a pilot study to evaluate therapeutic dose range and a follow up Phase III program to obtain an indication for reducing the rate of DGF.
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This excerpt from the same prospectus is perhaps even more notable:

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…we are working to transfer production of our product Thrombate III Antithrombin III from Bayer, with whom we have a supply agreement through 2008, with an option to extend through 2009. We anticipate shifting production of Thrombate III Antithrombin III to our facilities by 2011, which we expect will allow for further volume increases. We are continuing to assess Thrombate III Antithrombin III for potential therapies in the areas of cardiovascular, transplant, and sepsis.
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Interesting that they assessing whether to pursue an indication in sepsis.