Dear John...........
It seems you are looking for one word or one sentence answers to complex questions. You are also making assumptions that are not correct. There are really three issues here... The first is why is the PPS so low,,,, the second is what how is the company's health, and the third is what are the company's future prospects.
The PPS is never an absolute representation of a corp value. The PPS in this case is a reflection of past problems this company has had and the lack of operating capital on hand. Since money is more easily understood by Wall Street than biotechnology, this is the issue they are focused on.
The company's overall health depends on how likely they are able to secure operating funds over the next 12-18 months. As has been mentioned GTC has quite a few cards they can play.
The future.....in a nutshell GTC has alot of fingers in alot of pies. There is an excellent chance they could have a self sustaining revenue stream as early as 18months from now. As far as threatening technology they are the leader in their field, counting chickens, plants, etc. with Pharm second...there is room for other transgenics companies..and GTC holds most of the animal patents. Improvements in cell culture will not remove the hi initial costs of construction or the costs of manpower. GTC's immediate..read next ten year strat will be to focus on plasma proteins and mabs,,where they have huge advantages and evolve into the follow ons as medical economics forces changes in business as usual.
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