GTC Biotherapeutics (fka GTCB)

[DewDiligence]

Cash balance and cash-usage guidance:

The cash balance on 3/31/08 was $11.7M vs $15.8M on 12/31/07; since GTC raised $5.5M in the Feb 2008 direct placement, it follows that $9.6M of cash was spent during 1Q08; $9.1M of this amount was spent on operations, $0.3M to pay down debt, and $0.2M on cap-ex.

Guidance on cash expenditures for the rest of 2008 is $17-19M, which implies cash expenditures for the full year of $26.6-28.8M (consistent with the prior guidance of about $28M). The above figures exclude any up-front payments from new collaborations.

Cash expenditures during 2Q07, specifically, will be small because of ATryn sales to Leo from existing inventory.