November 3, 2008
GTC Cuts Loss, Gets New $15M Deal
Framingham-based GTC Biotherapeutics Inc. lost $6.1 million in the third quarter of 2008, down from $8.4 million for the same quarter last year.
The company also announced a new $15 million financing agreement with LFB Biotechnologies, a French company that has collaborated with GTC in its research. Under the agreement, GTC will issue convertible debt and warrants to purchase shares of its common stock. The company said it expects net proceeds from the deal to be about $10 million. It said it expects to close the deal in December after a shareholder vote.
GTC is working to commercialize and develop ATryn, a protein with anticoagulant and anti-inflammatory properties that the company produces in the milk of genetically modified goats.
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