I have a GPS from u-blox.com with a USB-connection and driver. The driver installs a virual COM port that pops up when you plug the USB in. Using a hyperterminal I can then
Got the same problem with a U-Blox GPS but managed to solve it by enabling the DTR and RTS properties. Now I can read the NMEA sentences just fine. One problem I found is that I still have to remove and replug my GPS to the USB port from time to time.
Hope it helps.