GTC Biotherapeutics Signs Agreement for $15 Million Convertible Debt Financing From LFB Biotechnologies
FRAMINGHAM, Mass.--(BUSINESS WIRE)--GTC Biotherapeutics, Inc.’s ("GTC", Nasdaq: GTCB) signed an agreement with LFB Biotechnologies, its collaboration partner for a number of recombinant plasma protein and monoclonal antibody development programs, 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 subject to approval by GTC shareholders, consent by GE Capital and other closing conditions. It is scheduled for a stockholder vote and closing in mid-December 2008. GTC expects net proceeds at closing, after transaction costs and establishment of a restricted cash account, to be approximately $10 million.