May 8, 2008
GTC Revenue Down, Loss Up
Framingham-based GTC Biotherapeutics Inc. lost $8.2 million in the first quarter of 2008, 9.3 percent more than it lost in the same quarter last year.
The company, which produces therapeutic proteins in the milk of genetically modified goats, saw revenues drop to $3.5 million from $5.4 million in the quarter. It attributed the decline to timing in the supply of its therapeutic protein ATryn to Denmark-based LEO Pharma . Its cost of revenue and operating expenses also declined, to $11.7 million from $13.2 million.
GTC said it is moving forward with plans to commercialize ATryn in the US.
The company, which produces therapeutic proteins in the milk of genetically modified goats, saw revenues drop to $3.5 million from $5.4 million in the quarter. It attributed the decline to timing in the supply of its therapeutic protein ATryn to Denmark-based LEO Pharma . Its cost of revenue and operating expenses also declined, to $11.7 million from $13.2 million.
GTC said it is moving forward with plans to commercialize ATryn in the US.
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