GTC Biotherapeutics (GTCB) Reports Third Quarter 2010 Financial Results
10/27/2010 11:09:58 AM
FRAMINGHAM, Mass.--(BUSINESS WIRE)--GTC Biotherapeutics, Inc. ("GTC", OTCBB: GTCB) today reported its financial results for the third fiscal quarter ended September 30, 2010. We reported net income for the third quarter of 2010 of $3.5 million, or $0.12 per share, primarily as a result of the recognition of approximately $8.7 million of (non-cash) revenue during the quarter. This revenue had previously been classified as deferred revenue, but was recognized this quarter in connection with our (previously announced) signing of a definitive agreement with Lundbeck in July 2010, whereby we regained commercialization rights to ATryn® in the U.S. and terminated our collaboration with Lundbeck. This compares to a net loss of $5.1 million, or $0.48 per share, for the third quarter of 2009.