Re: GTCB financing (good news, bad news)
The bad news is that GTC is raising cash at all prior to the expected EMEA opinion in February. I have to infer that GTC is somewhat less confident about the outcome than I had thought. (They already had enough cash to last well beyond the expected opinion date.)
The good news is that the outstanding shelf registration allowed GTC to do a market-price, registered deal rather than a discounted (unregistered) PIPE. Although today’s deal includes warrants at the rate of 0.37 warrant per issued common share, the warrants are not being given away for free; rather, investors are paying $0.125 per warrant, (effectively $0.05 per issued common share after adjusting for the 0.37 ratio of warrants to common shares). Thus, GTC is raising $1.83 for each common share issued in today's transaction.
GTC now has cash on hand in the $35-40M range (before burn during the current quarter), which is surely enough to last through all of 2006 and beyond. Hence, I think it’s safe to say that this will be the last financing before the EMEA’s ATryn opinion is rendered.
Overall, the bad news above outweighs the good news, at least for me, because the expansion of the share count limits the upside potential.
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