Tuesday, October 6, 2009

Four GTC Biotherapeutics board members replaced

By Boston Business Journal staff

Video Gallery

MHT's Julie Donnelly: Life science startups finding investments

MHT's Marc Songini: Technology to keep seniors healthy

MHT's Marc Songini: RI plans launch of cord blood center

Related News

GTC receives second delisting notice [June 22, 2009]

GTC shutters ATryn development contract for some countries [March 16, 2009]

GTC pockets $1M milestone pay [March 9, 2009]

GTC partners with New Zealand firm on transgenics [February 26, 2009]

FDA panel pushes GTC transgenic drug toward approval [January 12, 2009]

Struggling biotechnology developer GTC Biotherapeutics Inc. has appointed four new directors as part of a long-standing funding arrangement with LFB Biotechnologies, a France-based drug maker.

Under the terms of the agreement, which enabled LFB to appoint four directors without expanding the size of GTC’s board, GTC said existing directors Robert Baldridge, Kenneth Bauer, Mary Ann Gray and Marvin Miller resigned from the board, effective immediately.

Replacing them on the GTC board are William Heiden and LFB employees Evelyne Nguyen, Bertrand Merot and Jean-François Prost.

Based in Framingham, GTC Biotherapeutics (Nasdaq: GTC) has received three delisting warnings from the Nasdaq Stock Market in recent months due to its poor stock performance. GTC develops therapeutic proteins produced through its own technology using livestock.

In 2008, GTC struck a co-development deal with LFB worth roughly $500,000 in licensing payments.