March 5, 2007
Quarterly loss shrinks at GTC
By Christina Davis
GTC Biotheraputics reported this morning that it posted a net loss of $7.4 million for the fourth quarter of 2006, shrinking from the $8.3 million loss it reported during the same period a year earlier.
The Framingham company reported a net loss of $35.3 million for the year, compared to a $30.1 million net loss for 2005.
Geoffrey F. Cox, chairman and CEO, said GTC "went through a transformation in 2006," set off by the approval in Europe of Atryn, "the first transgenically produced therapeutic product anywhere in the world."
Cox said the company's portfolio of products now are "capable of driving significant future value."
"And we have strengthened our balance sheet," he said.
Atryn is a recombinant form of human antithrombin, and was approved by the European Commission for pre-surgery treatment of patients at risk for blood clots.
Last week, GTC entered an agreement with PharmAthene to produce a pre-and-post-exposure therapy for military and civilian victims of a chemical nerve agent attack.
The Framingham company reported a net loss of $35.3 million for the year, compared to a $30.1 million net loss for 2005.
Geoffrey F. Cox, chairman and CEO, said GTC "went through a transformation in 2006," set off by the approval in Europe of Atryn, "the first transgenically produced therapeutic product anywhere in the world."
Cox said the company's portfolio of products now are "capable of driving significant future value."
"And we have strengthened our balance sheet," he said.
Atryn is a recombinant form of human antithrombin, and was approved by the European Commission for pre-surgery treatment of patients at risk for blood clots.
Last week, GTC entered an agreement with PharmAthene to produce a pre-and-post-exposure therapy for military and civilian victims of a chemical nerve agent attack.
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