GTC Biotherapeutics (fka GTCB)

[DewDiligence]

There are now approximately 124M shares outstanding on a fully-diluted basis for valuation purposes.

This figure includes the following:

1. Shares of common and preferred stock outstanding before today’s financing: approximately 92M.

2. Options and warrants outstanding before today’s financing at exercise prices low enough to make exercise a realistic possibility in the next few years: approximately 15M.

3. Options and warrants in today’s financing: approximately 14M.

4. Conversion of LFB’s $2.6M term loan into shares at today’s offering price, which produces another 3M shares.