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Prospector
Profile
3-13-005
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| GTC Biotherapeutics, Inc. |
NAICS |
541710 |
| 175 Crossing Blvd.
Framingham, MA 01702 |
Description |
Biotechnology |
| (508) 620-9700 |
Employees |
167 |
| http://www.gtc-bio.com/ |
Revenue |
(mil) |
13.9000 |
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Income |
(mil) |
-36.3200 |
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Assets |
(mil) |
40.7100 |
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Liability |
(mil) |
32.6900 |
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(for the year ended 2007-12-31) |
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Category:
Audit Concerns
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Event:
PricewaterhouseCoopers LLP expressed substantial doubt about the ability of GTC Biotherapeutics, Inc., to continue as a going concern after it audited the Company's financial statements for the year ended December 30, 2007. The auditing firm pointed to the Company's recurring losses from operations and net
capital deficit. The Company posted a net loss of $36,321,000 on total revenues of $13,896,000 for the year ended December 30, 2007, as compared with a net loss of $35,345,000 on total revenues of $6,128,000 in the prior year. At December 30, 2007, the Company's balance sheet showed $40,713,000 in total assets, $32,689,000 in total liabilities, and $8,024,000 in stockholders' equity. The Company's consolidated balance sheet at Dec. 30, 2007, showed strained liquidity with $16,979,000 in total current assets available to pay $18,719,000 in total current liabilities.
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Intellectual Property:
The Company currently holds 23 issued or allowed U.S. patents and 180 corresponding foreign patents. The Company received a U.S. patent, with claim coverage for the production of therapeutic proteins in the mammary glands of transgenic mammals. In accordance with ongoing research and development efforts, the Company has 40 pending U.S. patent applications and 116 corresponding foreign applications covering relevant and newly developed portions of transgenic technology. Several of these pending applications are included in various cross-licensing or out-licensing arrangements with other companies. Recently issued U.S. patents provide the Company with claim coverage for protein purification from the milk of transgenic animals, the production of monoclonal and assembled antibodies at commercial levels in the milk of transgenic mammals, the production of recombinant antithrombin in the milk of transgenic goats and the production of prolactin in the milk of transgenic animals. [SEC Filing 10-K 03-06-08]
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Description:
GTC Biotherapeutics, Inc. , is involved in the development and production of human therapeutic proteins through transgenic technology.
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Officers:
Geoffrey F. Cox (Chair, Pres. & CEO); John B. Green (SVP, Treas. & CFO); Gregory F. Liposky (SVP-Operations); Harry M. Meade, Ph.D. (SVP-Research & Development); Richard A. Scotland. (SVP-Regulatory); Daniel S. Woloshen (SVP & Gen. Counsel)
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Auditor:
PricewaterhouseCoopers LLP
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Securities:
Common Stock Symbol GTCB; NasdaqGM; 85,192,748 common shares outstanding as of March 3, 2008.
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