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GTC Biotherapeutics Inc., a developer of drug candidates using genetic materials derived from animals, said it is unlikely to regain compliance to list its shares on the Nasdaq Stock Market and that it has taken steps to trade in the over-the-counter market as it advances its research.
The Framingham-based company said it does not expect to regain compliance with the Nasdaq’s minimum market capitalization of $35 million by its March 16 deadline.
GTC said it already has taken steps to file share-listing paperwork with the Financial Industry Regulatory Authority, which operates the electronic exchange known as the Over the Counter Bulletin Board.
The company made the disclosure as part of its fourth-quarter earnings announcement. GTC said it booked $1.2 million in revenue and a net loss of $933,000 in the three-month period ended Jan. 3. Both numbers were improvements over the $1 million in revenue and $6.2 million net loss booked in the year-earlier quarter.
GTC had $3.8 million in cash and marketable securities as of Jan. 3, compared with $11.6 million a year earlier. The company said it has sufficient cash resources to support its operations to the end of the second quarter, “exclusive of future cash proceeds from potential new partnering agreements.”
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