GTC Biotherapeutics reports net loss of $9.1 million for second quarter, revenues down 59%

By Lisa Kerner

Charlotte, N.C., Aug. 3 - GTC Biotherapeutics, Inc. reported a net loss for the second quarter ended July 2 of $9.1 million, or $0.15 per share, up from a loss of $7.1 million, or $0.15 per share, in the second quarter of 2005.

Revenues for the second quarter decreased 59% to $0.4 million from $1 million in the prior-year period.

The total net loss for the first six months of 2006 was $17.6 million, or $0.29 per share, compared with $15.2 million, or $0.33 per share, for the first six months of 2005.

Revenues for the first half of 2006 increased to $2.6 million from $2.3 million for the year-ago period.

Cash and marketable securities at July 2 totaled $19.4 million, a $16.8 million decrease compared to $36.2 million at Jan. 1, 2006.

In early June, GTC obtained a positive opinion from the European Commission to market its ATryn in Europe for patients with hereditary antithrombin deficiency undergoing surgical procedures.

GTC plans to begin launch of the product in the second quarter of 2007 with its European partner, LEO Pharma A/S.

Framingham, Mass.-based GTC develops therapeutic proteins through transgenic animal technology.

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