GTC Biotherapeutics (fka GTCB)

[DewDiligence]

When will Leo pay milestones?

Referring to #msg-12430822, we know that there are $38M in potential clinical/regulatory milestones. Although the amounts have not been disclosed, the triggers have been. They are:

• Completing the phase-2 DIC trial with results sufficient to advance to phase-3
• Enrolling the first patient in a phase-3 DIC trial
• Completing a phase-3 DIC trial that hits its primary endpoint
• Submission of an MAA (similar to a BLA) to the EMEA for the DIC indication
• EU approval for the DIC indication
• Canadian approval for any indication
• Approval in any Middle East country for any indication

Referring again to #msg-12430822, we know that there are $30M of potential sales-based milestones. The $30M is comprised of two one-time milestones (probably about $15M each) that are triggered when annual ATryn sales in all Leo territories exceed undisclosed thresholds.

http://www.sec.gov/Archives/edgar/data/904973/000119312505232480/dex101.htm