GTC Announces Layoffs
GTC Biotherapeutics of Framingham said it will reduce its work force from 154 to 109 people as part of an effort to improve its financial position and meet Nasdaq compliance requirements.
The company saw its loss from operations rise to $9.5 million in the third quarter of the year, compared with a $5.8 million loss for the same quarter last year. Its total loss fell from $6.1 million to $5.1 million, thanks to extra income that the company attributed to a mark-to-market adjustment of its stock.
GTC's revenues were $700,000 for the quarter, compared with $2.9 million in the third quarter of 2008. The company said the 2009 income came primarily from the sale of its anti-inflammatory drug ATryn to Lundbeck Inc., while the 2008 revenue came mostly from services and production support provided to PharmAthene and Merrimack Pharmaceuticals.
GTC said the financing it recently completed with LFB Biotechnologies will also help improve its position.
ATryn is produced in the milk of genetically modified goats. It is the first drug produced with this type of technique to be approved for therapeutic use.
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