GTC Biotherapeutics in Framingham announced they have received shareholder approval for two proposals allowing the company to complete its proposed sales of securities to LFB Biotechnologies.
The first proposal addressed a plan to increase the number of GTC’s authorized shares of common stock to 200 million. The proposal was passed with an approval of 40.6 million shares for, and 3.5 million shares against.Â
A second proposal approved the issuance of 3,630,000 shares of common stock and a convertible note to LFB Biotechnologies, with 36.5 million shares for the proposal, and 2.7 million against.Â
The approvals allow GTC, a developer of therapeutic proteins, to complete LFB Biotechnologies’ $25 million investment into GTC. Of the total investment, a sale of $6 million of convertible notes to LFB Biotechnologies was completed in October, and $14.6 million will be completed before year end, with the balance of $4.4 million shares of common stock scheduled to close in January of 2007. Â
