GTC Biotherapeutics (fka GTCB)

[rkrw]

Are there any covenants on their debt if the balance sheet gets below certain levels?

<<<We anticipate our current cash and contracted receipts to support our operations into the third quarter of 2008.<<<

I think (if possible) gtcb should think about doing a more dynamic deal than just atryn which alone apparently isn't bringing in very much. Sign a piddly atryn deal and there's not much reason to think gtcb won't try to do another pipe immedidately. They just gave out 100% warrants, why would investors ask for anything less next time? Lots of small biotechs are in this same kind of spot and its not easy to break out.