GTC Biotherapeutics (fka GTCB)

[DewDiligence]

Highlights:

--Cash on hand was $15.8M at 12/31/07 and $5.5 was raised in the February direct placement; thus, GTC’s cash balance as of today is $21.3M less what has been used to fund operations in 2008 to date, which should come to about $15M.

--Cash usage in 2008 is expected to be in the neighborhood of $28M excluding any up-front payment from a US ATryn partnership. Including the amount of such a payment based on prior guidance, 2008 cash burn would be near $20M.

--GTC is already bringing in some revenue from the PharmAthene collaboration wherein GTC provides process and purification services for the Protexia program.

--There is no longer explicit guidance that a US partnership will be consummated in the current quarter, although the PR says that partnership negotiations are continuing.

--In all other respects, prior guidance remains intact.