December 23, 2008
GTC Closes $15M Financing Deal
By Matthew L. Brown
Framingham-based GTC Biotherapeutics Inc. has closed on a $15 million debt financing transaction with French partner LFB Biotechnologies.
The deal, by which GTC issued convertible debt and warrants to purchase company shares to LFB, nets GTC about $10 million for general corporate purposes.
The debt is secured with liens on GTC's intellectual property and other assets. GTC also put $4 million of the proceeds in a cash account to cover an existing debt with GE Capital.
GTC is developing protein-based drugs produced in the milk of genetically modified goats.
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