GTC Biotherapeutics (fka GTCB)

[DewDiligence]

Management’s implicit guidance for the up-front partnership fee:

>sounds like the previous quarter when they were factoring in (inappropriately) the ~$6mil from partnership?<

When comparing the language in the 10K to the language in the 4Q07 PR, it sounds like management now expects the up-front payment to be closer to $4M than $6M.

From the 3/6/08 10K filing (#msg-27407752):

“Based on additional partnering arrangements that we expect to enter into during 2008, we estimate the net use of cash in operations for 2008 to be between $24 million and $28 million.”

From the 3/6/08 PR (#msg-27389551):

“We used $28 million of cash and marketable securities for 2007… We expect a similar cash use for 2008, excluding any upfront payments from new or expanded partnerships not currently contracted. Any such payments from agreements that result from the ongoing partnering discussions will reduce the net cash use for 2008.”

(Emphasis added in both excerpts.)