GTC Biotherapeutics (fka GTCB)

[DewDiligence]

GTC’s History of Ever More Dilutive Financings (2004-2008)

 
                                    Warrant  Basic   Diluted‡ 
        Gross   Shares      Warrants Exrcs  S/O Aftr S/O Aftr 
 Date  Proceeds Issued Price Issued  Price  Offering Offering 
 Dec08* $15.0M  48.4M   0.31 23.2M   0.31    175M    197M 
 Feb08   $6.0M   6.9M†† 0.87  6.9M   0.87    103M    126M 
 Jan07† $25.0M  20.2M   1.23                  92M    108M 
 Jul06  $17.5M  12.0M   1.38  7.8M   1.41     73M     89M 
 Dec05  $16.7M   9.1M   1.78  3.6M   2.05     61M     69M 
 Aug05   $8.0M   4.6M   1.75  1.8M   2.68     52M     56M 
 Jan05  $10.4M   7.7M   1.35                  46M     50M 
 Mar04  $15.0M   6.4M   2.35                  38M     42M 
  
 *Pending shareholder vote. 
  
 ‡Includes options and warrants with an exercise price <$3. 
  
 †Financing was announced in Oct 2006. 
  
 ††Includes 2.0M shares from conversion of LFB’s term loan.