GTC Biotherapeutics (fka GTCB)

[DewDiligence]

Liquidity and Cash Usage

On 7/1/07, GTC had $29.7 million of cash and marketable securities (#msg-22015291).

The guidance for cash and marketable securities on 12/31/07 is $20.7-22.7M (#msg-21929457).

Cash burn during the second half of 2007 year is expected to be less than during the first half of 2007 because: i) ATryn inventory was built up during the first half; and ii) Increased partner revenues are expected (#msg-22015291).

GTC has approximately $9M of debt in the form of a loan from GE Capital. The repayment terms are set forth in #msg- 21558626.

Last but not least, GTC expects that its cash is sufficient to last into the second half of 2008 (#msg-22015291). Of course, up-front fees and milestones from new partnerships could render this whole issue moot.