GTC Biotherapeutics says revenue falls, loss widens in 2005

By Angela McDaniels

Seattle, March 6 - GTC Biotherapeutics Inc.'s net loss for the fourth quarter ended Jan. 1 increased to $8.3 million, or $0.15 per share, from a net loss of $7.5 million, or $0.19 per share, in the fourth quarter of 2004, according to a company news release.

The net loss for fiscal 2005 ended Jan. 1 increased slightly to $30.1 million, or $0.62 per share, from a net loss of $29.5 million, or $0.79 per share, for 2004.

The weighted average number of shares outstanding increased to 48.6 million shares in 2005 from 37.4 million shares in 2004.

"Despite the setback we recently received in the approval process for ATryn in Europe, we believe we established a strong regulatory basis for our transgenic manufacturing platform, which encourages us to move forward with confidence with ATryn both in Europe and the United States," chairman and chief executive officer Geoffrey F. Cox said in the release.

Revenue decreased by 80% to $0.6 million for the fourth quarter of 2005 from $3.2 million in the fourth-quarter 2004. Revenue for 2005 decreased by 37% to $4.2 million from $6.6 million in 2004.

The company attributed the decreased revenue to a reduction in activity in external programs.

Cash and marketable securities at the end of 2005 increased to $36.2 million from $22.3 million a year earlier.

GTC Biotherapeutics is based in Framingham, Mass., where it uses transgenic animal technology to develop, produce and commercialize therapeutic proteins.

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