Framingham, MA-based GTC Biotherapeutics (NASDAQ:[[ticker:GTCB]]) said it has raised $10 million through the sale of its shares to French biotech drug maker LFB Biotechnologies, a major shareholder in GTC. GTC chief executive Christian Béchon also revealed in a statement that the company planned to reduce expenses by $5 million to $6 million in 2010, focusing resources on its recombinant human antithrombin (ATryn) and Factor VIIa products. This morning a company spokesman declined to provide details on the actions GTC plans to take to reduce its expenses.
Author: Ryan McBride
Ryan is an award-winning business journalist who contributes to our life sciences and technology coverage. He was previously a staff writer for Mass High Tech, a Boston business and technology newspaper, where he and his colleagues won a national business journalism award from the Society of American Business Editors and Writers in 2008. In recent years, he has made regular TV appearances on New England Cable News.
Prior to MHT, Ryan covered the life sciences, technology, and energy sectors for Providence Business News. He graduated with honors from the University of Rhode Island in 2001 with a bachelor’s degree in communications. When he’s not chasing down news, Ryan enjoys mountain biking and skiing in his home state of Vermont.
View all posts by Ryan McBride
