GTC Biotherapeutics (fka GTCB)

[palindromy]

It could have been a lot worse.
I assume the 2m remaining in 2008 will be paid on FDA acceptance of NDA.
Given that most people would have been surprised with anything higher than 6-7m upfront payment, I think a 5+4 structure is not so bad. In many ways it forces the company to also manage their expenses much better, but exposes it to a far greater risk from FDA actions. It seems like with reasonable cash management, the company may not need to raise additional money until the P2 results and FDA actions are out. Lets hope the PPS does not go past $1 which might entice the company to do more dilution.