GTC Biothereaputics To Be Delisted From Nasdaq
Framingham biotechnology company GTC Biotherapeutics expects to be delisted from the stock exchange next week after posting a $27.9 million loss for 2009.
The company announced in its year-end earnings report that it does not expect to comply with the requirement to have $35 million market capitalization by March 16. On Friday the company had a listed market cap of $26 million. Company officials announced plans to list the stock on an electronic quotation service, the Over-the-Counter Bulletin Board.
Revenues for the company dropped from $16.7 million in 2008 to $2.8 million last year.
Fourth quarter losses in 2009 narrowed from $6.2 million in 2008 to $1.7 million.
The company received a $7 million investment from French biotech company LFB last month.
GTC uses a transgenic medicine production system that uses animal milk to make therapeutic drugs.
WBJ Web Partners
Most Recent
Most Recent
0 Comments