GTC Biotherapeutics first-quarter revenues up 66% to $2.2 million

By Lisa Kerner

Erie, Pa., April 28 - GTC Biotherapeutics, Inc. said revenues for the first-quarter ended April 2 were up 66% at $2.20 million from the $1.32 million in the year-ago period.

The company had a net loss for the quarter of $8.5 million, or $0.14 per share, compared with a net loss of $8.0 million, or $0.18 per share, in the first quarter of 2005. The number of shares outstanding during the period increased to 60,773,000 shares from 44,837,000 shares in the prior-year period.

GTC had cash and marketable securities totaling $26.1 million on April 2, a $10.1 million decrease from the $36.2 million total at the end of 2005. The decrease includes a $2.4 million final repayment on a promissory note to Genzyme Corp., the company said.

The company said it expects the net use of cash to be between $21 million to $25 million for the full-year 2006.

Located in Framingham, Mass., GTC develops and commercializes therapeutic proteins through transgenic animal technology.

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