GTC Profits Plunge As Products Launch
In what the company is calling "a transformative quarter," GTC Biotherapeutics Inc. of Framingham saw its net loss deepen to $10.4 million and its revenue decrease to $200,000 from $3.5 million the prior year.
In the first quarter of 2008, the company's net loss was $8.2 million.
The company said it has between $13 million and $17 million in cash, enough to support itself only through the second quarter. It is in discussions with new and existing investors to secure additional funding and expects to complete a transaction in the second quarter.
During the quarter, the company received $4.7 million in milestone payments, including $4 million from Lundbeck Inc., that weren't recognized in the quarter's revenues, but deferred. Lundbeck is responsible for commercializing ATryn, GTC's flagship product.
Lundbeck launched ATryn in May. ATryn is an anti-clotting protein developed by GTC in the milk of genetically modified goats. It can be used in major surgery patients at risk for clots or patients with hereditary anti-clotting deficiency.
The company also said it had regained compliance with a Nasdaq stock market rules by exceeding $35 million in market capitalization for 10 consecutive days. Compliance allows GTC to continue listing on the Nasdaq.
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