News
French biotech firm invests in GTC, developer of recombinant AAT
Mass Hi Tech, The Journal of New England Technology
Transgenic therapeutics company GTC Biotherapeutics Inc. and French firm LFB Biotechnologies, a wholly owned subsidiary of LFB S.A., have entered an agreement in which LFB will purchase $15 million worth of GTC common stock and convertible debt, subject to GTC shareholder approval. Closing of the transaction and shareholder voting will take place in December, and GTC said it expects about $10 million in net proceeds.
In May, LFB agreed to provide additional funding to GTC in order to include GTC’s recombinant human alpha-1 antitrypsin program in the development of reccombinant plasma proteins and monoclonal antibodies.
