Monday, June 22, 2009

GTC receives second delisting notice

By Craig M. Douglas

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Drug developer GTC Biotherapeutics Inc. has received its second delisting notice in three months from the Nasdaq Stock Market due to the company’s failure to maintain a minimum value threshold of $35 million for its publicly traded common stock.

The Framingham-based company has 90 days to regain compliance.

In March, GTC received a Nasdaq delisting notice for the same reason. Companies must maintain the $35 million minimum threshold for at least 10 consecutive trading days, per Nasdaq rules.

On May 26, GTC notified securities regulators of its intention to reduce its number of shares outstanding from roughly 104.4 million to 10.4 million.

The move was effective as of the market’s opening bell Wednesday, May 27. GTC’s stock (Nasdaq: GTCBD) opened Monday at $2.85 a share.

GTC (Nasdaq: GTCB) booked $16.7 million in revenue and a net loss of $22.7 million in 2008.

GTC develops therapeutic proteins produced through transgenic animal technology. Its ATryn antithrombin is approved for use in the United States and Europe.