GTC’s CEO is out as company axes 50 staffers

The turmoil at the cash-strapped transgenics player GTC Biotherapeutics continues unabated. The Framingham, MA-based developer says it landed $7 million in convertible debt from LFB Biotechnologies after axing 50 staffers at its headquarters and farm facility. In addition, says the company, CEO Geoffrey Cox and other unnamed senior execs are leaving the company. Board member William Heiden has been named chairman, CEO and president. Said Heiden: "GTC will concentrate its efforts on...

Struggling GTC faced with dwindling cash reserves

GTC Biotherapeutics has managed to cut expenses while seeing a jump in the small amount of revenue it gets from the world's first drug produced in transgenic animals. But even as the Framingham, MA-based biotech plans to ramp up new trials later in the year, the developer notes in its most recent quarterly release that it only has enough cash on hand to operate through June. GTC conceded in March that it probably won't be able to get re-listed on NASDAQ any time soon. GTC has a...