GTC Biotherapeutics (fka GTCB)

[stockdak]

What an eye opener. IMO DDs post shows that the current management has no credibility and gives no thought of going to the well with ever more ruinous terms. I had been giving them the benefit of the doubt. This last announcement makes little sense for shareholders no matter how much "stay the course" rhetoric is espoused here. I have been fooled by this "in some style" hyperbole and promises of partnerships that do not come in or if they do with not enough upfront cash to sustain the company. As I see it with this arrangement even if they do get approval in Feb, get milestone payments, and sign a partnership with a $10 mil. upfront they would still need to do a further dilution to sustain the company going forward. This management has completely failed to get enough cash when cash was available to sustain the company to cash flow positive. I voted my shares against the proposal and am selling down my shares with the largest losses I have ever taken in 20 years of trading. Why? Because the evidence in front of me says Cox and company have a long history of regulatory blunders and badly timed financing. It is likely that the proposals will pass and IMO the terms are so egregious that little value will remain for current shareholders even with Atryn approval in Feb.