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GTC Biotherapeutics (GTCB) Announces Conversion of LFB S.A.'s Preferred Stock into Common Shares and Provides a Portfolio Update


1/8/2010 10:20:41 AM

FRAMINGHAM, Mass.--(BUSINESS WIRE)--GTC Biotherapeutics, Inc. (“GTC”, NASDAQ: GTCB) announced that LFB Biotechnologies, a wholly owned subsidiary of LFB S.A. (Laboratoire Français du Fractionnement et des Biotechnologies S.A., Les Ulis, France) and a strategic shareholder in GTC, has converted the convertible preferred stock it previously purchased in November 2009 under the terms described in the financing agreements approved by GTC shareholders in July 2009 into a total of 5.3 million shares of common stock. This completes the conversion into common shares of all convertible preferred stock acquired by LFB in 2009.

Read at BioSpace.com


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