GTC Biotherapeutics (fka GTCB)

[vinmantoo]

Thanks Dew,

I especially liked these parts.

<"You can probably throw a stone in any direction and find a CEO who is doing the same thing." said chief executive Leo Liu.>


I guess they didn't throw the stone in the direction of GTCB.



<Biopure Corp., of Cambridge, cut most of its staff last month and slashed salaries to keep the company alive while it tries to raise money. Pro-Pharmaceuticals Inc., in Newton, has cut managers' salaries 75 percent in the past few months. And in July, Acusphere Inc. cut one-fourth of its staff, or 24 people, and asked managers to take a 10 percent pay cut. The Watertown company has since raised $20 million in a deal with another biotech, Cephalon Inc.>



Remember that Tom Newberry wrote to me that they didn't consider cutting GTCB salaries because they didn't want employees to leave. Doesn't look like a great job market out there. I guess the companies above actually think it is more important for the company to survive than worrying whether a few employees might leave. Do you think Tom Newberry and Cox would like to see what their competitors are doing when they face a cash crisis? Maybe they will get some good ideas, finally.