GTC Biotherapeutics (fka GTCB)

[Lewis R Goudy]

>likely to be approved<
I put the protest vote in the teens.

>To fund operations during 2009, GTC will presumably need additional financing over and above the LFB loan. Moreover, GTC’s track record is that each financing round takes place at a lower valuation than the previous one (#msg-33740362). Absent a change in executive management, I see no reason why this pattern won’t continue.<

Just so. As I wrote nine months ago (7717),

up-front payments from partnering transactions
cannot reasonably be expected to seriously mitigate (much less
moot a la fifty million) market concerns re the timing, terms,
and dilutive effect of prospective financing. Such concerns
are naturally amplified by the firm's history of shareholder-
unfriendly private placements at significant discounts to market.