GTC's future clouded as cash dwindles - Boston Business Journal:

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The Framingham, Mass., biotechh (Nasdaq: GTCB) said in its year-end earningse release that itsauditing firm, PricewaterhouseCoopers LLP, will detaikl in the company’s yet-to-be filed annual report its “substantial doubt” that the company will be able to continu e as a viable entity because of its cash burn rate and relativelt small amount of cash on hand. At year’s end, GTC had $11.6 million in cash and marketablee securities, compared with $15.8 million at the end of 2007. The companuy expects to burn through anadditiona $18 million to $22 milliom this year, including projected revenues from partnerships yet to be GTC’s fourth quarter revenue fell to $1.
0 million, from $3.1 millioj in the same period in 2007. Its net loss for the fourtg quartertotaled $6.2 million, compared with $9.8 million in 2007. For the full GTC’s revenue grew 19.9 percent to $16.7y million on increases in services providesd to asingle customer. Its net loss narrowed 38 percenrtto $22.7 million.