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Print Edition StoriesWednesday, July 8, 2009
GTC lands Merrimack Pharma’s rights to goat-derived protein
By Craig M. Douglas
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GTC Biotherapeutics Inc., a developer of drug therapies derived from animal proteins, has acquired the rights to develop and sell a combination of potential auto-immune treatments discovered by Cambridge-based Merrimack Pharmaceuticals Inc.
Based in Framingham, GTC will return all of its holdings of Merrimack’s Series C convertible stock and will pay Merrimack milestone and royalty payments, depending on the success of its recombinant human alpha-fetoprotein.
In return, GTC will also receive Merrimack’s inventory of the substance, which is derived from transgenic goats, that is suitable for clinical trials.
In June, GTC (Nasdaq: GTCBD) 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.
That notice gave the company 90 days to regain compliance.
GTC booked $16.7 million in revenue and a net loss of $22.7 million in 2008.
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