GTC Biotherapeutics narrows loss
Biotech drug developer GTC Biotherapeutics Inc. said today that its fourth-quarter loss narrowed as revenue surged past Wall Street estimates.
The Framingham company reported a loss of $7.4 million, or 10 cents per share, versus a loss of $8.3 million, or 15 cents per share, in the year-ago period. Revenue surged to $2.8 million from $629,000, as the company gained approval in Europe for its plasma protein ATryn for the treatment of deep vein thrombosis.
Analysts surveyed by Thomson Financial expected a loss of 14 cents per share on revenue of $740,000.
For the full year, the company posted a loss of $35.3 million, or 53 cents per share, compared with a loss of $30.1 million, or 62 cents per share, in 2005. Revenue rose to $6.1 million from $4.2 million.
GTC Biotherapeutics shares rose 6 cents, or 5.9 percent, to $1.02 in morning trading on the Nasdaq Stock Market. The stock has ranged from 87 cents to $2 over the past year.
(AP)
