GTC Biotherapeutics receives Nasdaq listing notice

GTC Biotherapeutics Inc., a Framingham drug developer, said today that it has been notified that it is no longer in compliance with the listing standards of the Nasdaq Capital Market.

The company said in a press release that it received a notice from Nasdaq indicating that it no longer satisfies the minimum $2.5 million stockholders' equity requirement for continued listing.

"We will be submitting our plan to regain compliance to the Nasdaq staff and we look forward to engaging in this discussion through the review and, if necessary, appeal process," GTC chairman and chief executive Geoffrey F. Cox said in a statement. "Our strengths in expected near term news flow as well as the financial support from current and potential future partners leaves GTC well positioned to regain compliance."

GTC Biotherapeutics develops, supplies, and commercializes therapeutic proteins produced through transgenic animal technology. ATryn, GTC's recombinant human antithrombin, has been approved for use in Europe and is in the review process in the United States. Besides ATryn, GTC is developing a portfolio of recombinant human plasma proteins with known therapeutic properties.

GTC recently announced it has signed an agreement for $15 million convertible debt financing from LFB Biotechnologies, a collaboration partner on a number of drug-candidate programs.
(By Chris Reidy, Globe staff)