Struggling GTC faced with dwindling cash reserves

GTC Biotherapeutics has managed to cut expenses while seeing a jump in the small amount of revenue it gets from the world's first drug produced in transgenic animals. But even as the Framingham, MA-based biotech plans to ramp up new trials later in the year, the developer notes in its most recent quarterly release that it only has enough cash on hand to operate through June. GTC conceded in March that it probably won't be able to get re-listed on NASDAQ any time soon.

GTC has a commercialization deal in the U.S. for ATryn, a recombinant form of human antithrombin that is produced transgenically, but it has been stymied in Europe, where it had a falling out with LEO Pharma over their ATryn pact. Total net loss in the first quarter slipped to $7.7 million while revenue jumped to $346,000. Last February GTC obtained a $7 million loan from LFB Biotechnologies, a collaborator involved in its hemophilia therapy. GTC is also laying the groundwork for a mid-stage trial in myasthenia gravis.

"GTC has continued to make good operational progress in its key programs during the first quarter," stated CEO Geoffrey Cox. "Of particular importance are the preparations for the Phase I study for rhFVIIa, which is on track for initiation in this second quarter."

- here's GTC's press release
- and here's the report from MassHighTech

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