GTC Losses Mount, Cash Dwindles
GTC Biotherapeutics Inc. lost $10.8 million during the second quarter, but said it had taken steps to "re-establish the financial stability" of the company.
The second quarter's loss dwarfs the $2.2 million loss the Framingham-based company reported for the same period a year ago. For the first half of the year, GTC lost $21.1 million compared to $10.4 million in the first half of 2008.
During the first six months of the year, the company brought in $900,000 in revenue, but said it had also taken in $5.7 million in milestone payments that were recognized as "deferred" revenue. The company also said it would receive $8.3 million in funding from its French partner LFB Biotechnologies.
GTC ended 2008 with $11.6 million in cash and finished June with $4.7 million.
The company said it was encouraged by the new funding from LFB and strong sales of its ATryn treatment by marketing partner Lundbeck Inc.
GTC is developing drugs based on proteins present in the milk of genetically modified goats.
WBJ Web Partners
Most Recent
Most Recent
0 Comments