This excerpt taken from the GTCB 8-K filed Nov 6, 2009.
Cash and marketable securities at September 27, 2009 totaled $1.8 million, a $9.8 million decrease compared to $11.6 million at December 28, 2008. Earlier this week, GTC obtained an aggregate of $10 million of new funding from LFB Biotechnologies. With successful completion of the $10 million in new funding from LFB and anticipated receipts from existing partnering agreements, GTC projects that its cash resources will be sufficient to support its operations into the middle of the first quarter of 2010, exclusive of future cash proceeds from potential new partnering agreements.
This excerpt taken from the GTCB 8-K filed May 13, 2009.
GTCs cash and marketable securities at the end of the first quarter of 2009 totaled approximately $6.8 million, a $4.9 million decrease compared to the $11.6 million total at the end of 2008. Net cash use for the remainder of 2009 is projected to be $13-17 million. Current cash is expected to support operations through the end of the second quarter of 2009. GTC is in discussions with new and existing investors to secure additional funding and anticipates completing a transaction in the second quarter.
This excerpt taken from the GTCB 8-K filed Nov 3, 2008.
Cash and marketable securities at September 28, 2008 totaled $8.8 million, a $7 million decrease compared to $15.8 million at December 30, 2007. GTC recently signed an agreement with LFB for $15 million of convertible debt financing. The convertible debt, which matures on June 30, 2012, will be subordinated to the current term debt with GE Capital, and will become convertible into GTC common stock at LFBs option if the debt is not repaid by June 1, 2009. As a condition of the financing, $4 million of the proceeds will be placed in escrow to secure the existing debt to GE Capital. The financing, which is subject to approval by GTC shareholders, consent by GE Capital and other closing conditions, is scheduled to close in mid-December 2008. We expect net proceeds after transaction costs and the escrow amount to be approximately $10 million. With successful completion of the $15 million financing from LFB, GTC projects that its cash resources will be sufficient to support its operations into the second quarter of 2009.
This excerpt taken from the GTCB 8-K filed Mar 5, 2007.
We ended 2006 with approximately $43.8 million of cash and marketable securities. The third and final equity investment by LFB on January 3, 2007, as well as payments from LEO for delivery in January 2007 of Phase II clinical material that was manufactured in late 2006, provided us with additional cash and marketable securities totaling about $7 million, which on a pro forma basis would put our year-end cash and marketable securities at approximately $51 million.
During 2006, we had a net increase of $7.6 million in cash and marketable securities including financing activities. We used $24.6 million of cash in operations. For 2007, we expect our net cash use to be in the range of $26 to 29 million. The net cash use includes forecasted sales of ATryn® in the approved indication and to LEO for the DIC study, as well as receipts from new and existing contracts and planned research and development activities in support of ATryn® and our other programs. The Phase II DIC clinical study activities in 2007 will be conducted and funded by LEO.
In December 2006, we completed a re-financing of our senior debt facility with GE Capital. This refinancing provided an additional $2.8 million of proceeds while extending the amortization period for $8 million of the debt facility, which reduces our annual debt service. After the refinancing, we had a total of $10 million of debt outstanding with GE.