GTC Biotherapeutics (fka GTCB)

[scissors]

I suspect GTCB management got caught with their pants down. They announced an imminent partnership agreement and even considered income from the deal in 2007. The deal must have fallen through and then, woops, GTCB needs to desparately come up with working capital in a bad borrowing environment. So they dilute to get the up-front cash they had counted on from inking a partnership deal. Shame on them for trusting their prospective partner(s) to make good. Perhaps they learned some hard lessons dancing with the elephants because now the vultures may be circling. Their best hope is to find prospective partners who are willing to compete for the business with bids that include up front cash or easy milestones. Without that they are in trouble, particularly if the FDA drags its feet. I'm tired of averaging down. I will sit on the sidelines for now and keep my fingers crossed.