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GTC loss drops

FRAMINGHAM - GTC Biotherapeutics Inc. said yesterday it narrowed second-quarter losses and has completed preparation of an application to U.S. regulators for ATryn, a clot-controlling drug made from proteins produced in the milk of genetically altered goats.

The biotechnology company said it lost $2.2 million, or 2 cents per share, during the second quarter ended June 29, compared to a wider loss of $10.6 million, or 14 cents per share, at the same time last year. GTC posted $9.1 million in revenue during the second quarter, up from $2.8 million a year ago.

The company, which operates a farm in Charlton, ended the quarter with $12.2 million in cash and marketable securities.

GTC reported in a news release it has requested a six-month priority review from the Food and Drug Administration for ATryn as a treatment of hereditary antithrombin deficiency in patients undergoing surgery or childbirth. If granted, GTC would expect a decision from regulators in the first quarter of 2009, GTC said.

IPG income rises

OXFORD - IPG Photonics Corp., a producer of high-power fiber lasers and amplifiers, reported that second quarter net income increased by 34 percent to $8.6 million, compared with $6.4 million in the second quarter of 2007.

Earnings per diluted share increased 24 percent to 36 cents per share, from 29 cents per share a year ago. Revenue growth for the quarter was driven by sales of the company's fiber lasers used for materials processing applications, which increased by 42 percent from the second quarter of 2007, to $46.9 million, as well as strong sales to European and Asian markets, the company said in a statement.

For the third quarter of 2008, IPG Photonics expects revenues in the range of $57 million to $61 million, and anticipates earnings per diluted share in the range of 18 cents to 22 cents, based on 46.1 million common shares.

PSB income up

PUTNAM, Conn. - PSB Holdings Inc., the holding company for Putnam Bank, posted net income of $3.1 million, or 48 cents per diluted share, for the fiscal year ended June 30, up from net income of $1.9 million, or 28 cents per diluted share, in the previous year.

The company reported in a news release that it ended the fiscal year with $494.5 million in total assets, up 0.7 percent from the previous year. Total loans increased 4.7 percent to $245.2 million. Total deposits decreased by 3.3 percent to $283.7 million, PSB reported.
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Title Annotation:BUSINESS
Publication:Telegram & Gazette (Worcester, MA)
Date:Aug 8, 2008
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