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Print Edition StoriesMonday, November 2, 2009
GTC Biotherapeutics pulls in $10M from shareholder
By Mass High Tech staff
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GTC Biotherapeutics Inc., which has struggled financially in the last several months, has received $10 million in funding from strategic shareholder LFB Biotechnologies, a France-based drug maker.
The funding stems from LFB’s exercise of its option, outlined in July, to purchase $12.8 million in convertible preferred stock, amounting to $6.4 million in cash for GTC. The Framingham-based biotechnology firm also netted an additional $3.6 million from LFB’s additional purchase on Friday of 3.4 million shares of common stock.
The funding will aid GTC, which received its third delisting notice from the Listing Qualifications Staff of the Nasdaq Stock Market in September.
As part of a long-standing funding arrangement with LFB, GTC announced last month the resignations or four existing directors — Robert Baldridge, Kenneth Bauer, Mary Ann Gray and Marvin Miller — and the immediate replacements on the GTC board with William Heiden and LFB employees Evelyne Nguyen, Bertrand Merot and Jean-François Prost.
GTC (Nasdaq: GTCB) develops therapeutic proteins produced through transgenic animal technology. Its ATryn antithrombin is approved for use in the United States and Europe.
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