May 12, 2010
GTC Reduces Q1 Loss, Revenue Climbs
By Matthew L. Brown
GTC Biotherapeutics Inc. of Framingham lost $7.7 million on revenue of $346,000 during the first quarter.
In the same quarter a year ago, the drug development company lost $10.4 million on revenue of $198,000.
The company ended the quarter with cash and equivalents of $4.9 million compared to $3.8 million a year ago.
GTC is marketing its flagship product ATryn, an anti-clotting protein developed in the milk of genetically modified goats.
The company said it has also established a system for producing a coagulant in genetically modified rabbits. It is also in the process of producing biologic drugs intended as substitutes for products currently on the market that are expected to come off patent protection in coming years.
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