GTC Biotherapeutics (fka GTCB)

[DewDiligence]

CC and partnership musings:

Tough day for the broad market, but GTC seems to have its ducks in a row.

As Thomas S (an astute observer) noted in #msg-24150380, the economics of a US Atryn partnership will of necessity be heavily back-end loaded because the indication of greatest economic consequence (DIC) is still early in phase-2.

It would seem that, by including the modest up-front payment from a US ATryn partnership in the cash-burn guidance for 4Q07, GTC is signaling that the partnership discussions are at an advanced stage.

It’s disappointing that Leo’s phase-2 DIC trial is taking longer than expected to enroll. I hold out some hope that a US partner with deep pockets might want to augment Leo’s DIC trial (which includes no clinical sites in the US) with a US-based DIC trial. If I were representing GTC’s US partner, I’m pretty sure that I would consider such an action to be a productive use of my company’s funds.