Replies to post #8645 on GTC Biotherapeutics (fka GTCB)

[doofus_king]

guess we now know why the share price tanked yesterday...

The financial report for the financial year ended December 30, 2007 to be filed on our Form 10-K with the Securities and Exchange Commission within the next few days will include an audit opinion from our auditors, PricewaterhouseCoopers LLP, which will refer to substantial doubt over our ability to continue as a going concern based on the amount of cash and marketable securities on our balance sheet and our expected cash use in 2008. Inclusion of this information in this release satisfies Nasdaq Marketplace Rule 4350 (b) (1) (B) for public announcement of the auditors’ statement of uncertainty and in no way alters our plans for addressing the underlying circumstances primarily through new and expanded collaborations.

[DewDiligence]

Highlights:

--Cash on hand was $15.8M at 12/31/07 and $5.5 was raised in the February direct placement; thus, GTC’s cash balance as of today is $21.3M less what has been used to fund operations in 2008 to date, which should come to about $15M.

--Cash usage in 2008 is expected to be in the neighborhood of $28M excluding any up-front payment from a US ATryn partnership. Including the amount of such a payment based on prior guidance, 2008 cash burn would be near $20M.

--GTC is already bringing in some revenue from the PharmAthene collaboration wherein GTC provides process and purification services for the Protexia program.

--There is no longer explicit guidance that a US partnership will be consummated in the current quarter, although the PR says that partnership negotiations are continuing.

--In all other respects, prior guidance remains intact.