GTC Annual Revenues Up, Net Loss Down
GTC Biotherapeutics Inc., the Framingham company that recently received FDA approval for a therapeutic protein produced in the milk of genetically modified goats, saw its revenues rise in 2008.
The company's total annual revenues hit $16.7 million, up from $13.9 million in 2007. GTC said most of the extra money came from providing drug development services to PharmAthene of Maryland.
For the fourth quarter of the year, revenues dropped to $1 million from $3.1 million for the same period in 2007. GTC attributed the drop to the timing of external programs and drug shipments.
The company cut its net loss for the year to $6.2 million, from $9.8 million in 2007. For the fourth quarter of 2008, its net loss was $6.2 million, down from $9.8 million in the same period of the previous year.
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