GTC restructures, gets debt financing
GTC Biotherapeutics said it is restructuring and downsizing its operations even as it secures $7 million in debt financing from its French strategic partners.
GTC announced today in a press release that its chief executive, Geoffrey Cox, and several other senior managers will be leaving the Framingham-based company, which produces drugs from the milk of genetically-engineered animals. Board member William Heiden will assume the posts of chairman, chief executive, and president.
GTC also said 30 full-time employees would be cut from its headquarters and 20 more positions would be eliminated at its Massachusetts goat farm.
The company, which was delisted from the Nasdaq last month, announced that LFB Biotechnologies was providing three years of convertible debt at a 4 percent annual interest rate.
Early last year, GTC became the first biotechnology company to win federal approval to manufacture a drug by using genetically modified animals. To read a Globe story about that, please click here.