Replies to post #6463 on GTC Biotherapeutics (fka GTCB)

[keitern]

Yes you have. It made sense to me when you did.

[Lewis R Goudy]

It is true that culture yields have improved and other
technical developments have narrowed our technological
advantage. On the other hand, the costs of building large
conventional production facilities have also substantially
increased (stainless steel, etc) so that part of the story
has not lost as much luster as it might seem.

I am less concerned with being overtaken by fermentation
than with the shelf life of our IP in relation to the
latency of monetization and discounting of cash flows
(shorter-term and more certain dollars spent seeking
longer-term and less certain revenues). Valuation of
this company is challenging enough that I am very glad
its intellectual estate has been anything but static.
By the same token, we have substantial exposure to key
man risk.