GTC Bio restructures to support programs

9 February 2004

USA-based GTC Biotherapeutics says that it is restructuring its organization to support its focus on clinical development and commercialization of its internal pipeline of proprietary products and its portfolio of external programs. Its products includes ATryn, recombinant human serum albumin, and the MSP-1 malaria vaccine.

Under the restructuring plan, GTC is reducing its headcount approximately 20% from 159 to 127 full-time equivalent employees. The company plans to use approximately $20 million of cash in 2004 as it participates in the regulatory review of ATryn and further develops its other commercial programs. A restructuring charge of approximately $950,000 will be recorded in the first quarter of 2004.

GTC recently submitted a Marketing Authorization Application to the European Medicines Evaluation Agency for ATryn. Acceptance and review of the submission is pending.

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