GTC Biotherapeutics Shareholders Approve Proposals for $15 Million Convertible Debt Financing From LFB Biotechnologies

FRAMINGHAM, Mass.--(BUSINESS WIRE)--Shareholders of GTC Biotherapeutics, Inc. ("GTC", Nasdaq: GTCB) have approved three proposals required to complete an agreement with LFB Biotechnologies for a $15 million financing in which GTC will issue convertible debt and warrants to purchase shares of GTCB common stock. The financing, which will be for GTC’s corporate purposes across all programs, is scheduled to close upon completion of an intercreditor agreement between LFB and GE Capital and satisfaction of other customary closing conditions. GTC expects net proceeds at closing, after transaction costs and establishment of a restricted cash account, to be approximately $10 million.

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