GTC Receives $7 Million from French Partner
February 22, 2010
The Boston Business Journal reports GTC Biotherapeutics, Inc. has added $7 million in new loans to the investments already received from its French strategic partner LFB Biotechnologies. The new money will enable GTC to move its hemophilia treatment into the clinic, officials said. It adds to the $10 million in funding LFB supplied in November. That funding came from LFB’s exercise of its option, outlined in July, to purchase $12.8 million in convertible preferred stock as well as the purchase of $3.6 million in GTC common stock. Based in Framingham, Mass., GTC said it will also use the funds to further other treatments in its pipeline, including a portfolio of monoclonal antibodies for use as follow-on biologics. All of GTC’s compounds come from the milk of transgenic mammals, primarily goats. A transgenic animal is one that has had human DNA added to its genome to produce certain naturally occurring human proteins. GTC reported a loss of $26 million on revenue of $1.6 million for the three quarters ended Sept. 27.