FRAMINGHAM, Mass.--(BUSINESS WIRE)--Dec. 8, 2005--GTC Biotherapeutics, Inc. ("GTC", Nasdaq: GTCB) announced today that it has obtained agreements from select institutional investors to purchase approximately 9.1 million shares of GTC's common stock at a price of $1.78 per share, the closing bid price for the common stock immediately before entering into the binding agreements for the transaction. Under the terms of the financing, GTC will also issue 5-year warrants to purchase an aggregate of approximately 3.6 million additional shares of GTC's common stock at an exercise price of $2.05 per share. At the closing, investors in the financing will pay an additional purchase price equal to $0.125 per each share issuable upon exercise of the warrants. The closing of the offering is expected to take place on December 13, 2005, subject to the satisfaction of customary closing conditions.
