GTC Biotherapeutics Receives Notice Related to Nasdaq Minimum Closing Bid Price Rule
The notification letter has no effect at this time on the listing of GTC's common stock on the Nasdaq Global Market. GTC's common stock will continue to trade on the Nasdaq Global Market under the symbol GTCB. The notification letter states that GTC will be afforded 180 calendar days, or until July 15, 2008, to regain compliance with the minimum closing bid price requirement. To regain compliance, the closing bid price of GTCB common stock must meet or exceed $1.00 per share for at least ten consecutive business days. Nasdaq may, in its discretion, require GTC to maintain a bid price of at least $1.00 per share for a period in excess of ten consecutive business days, but generally no more than 20 consecutive business days, before determining that GTC has demonstrated an ability to maintain long-term compliance.
"GTC is making significant progress, both in the near-term with ATryn(R), our recombinant form of human antithrombin, and strategically with the development of portfolios of recombinant plasma proteins and monoclonal antibodies, including follow-on biologics," stated Geoffrey F. Cox, Ph.D., GTC's Chairman and CEO. "We are confident in our ability to reach significant milestones in our clinical and commercialization programs and will consider actions as appropriate to address compliance with the continued listing requirements of the Nasdaq Global Market."
If GTC is unable to regain compliance by July 15, 2008, Nasdaq will provide written notification to GTC that its common stock is subject to delisting. GTC may also elect to apply to transfer its common stock from the Nasdaq Global Market to the Nasdaq Capital Market if it satisfies all requirements, other than the minimum closing bid price requirement, for initial inclusion in that market. If GTC makes such an election and its transfer application is approved, it will be eligible to regain compliance with the minimum closing bid price requirement until 180 days after the end of the first 180 day period. If, at the conclusion of either or both of the 180-day periods, GTC has not achieved compliance, it may appeal Nasdaq's determination to delist GTC's common stock.
About GTC Biotherapeutics
GTC Biotherapeutics develops, supplies, and commercializes therapeutic proteins produced through transgenic animal technology. In addition to ATryn(R), GTC is developing a portfolio of recombinant human plasma proteins with known therapeutic properties. These proteins include recombinant forms of human coagulation factor VIIa, factor VIII, factor IX, and alpha-1 antitrypsin. GTC also has a monoclonal antibody portfolio focused on follow-on biologics, including a CD20 monoclonal antibody. GTC's intellectual property includes a patent in the United States through 2021 for the production of any therapeutic protein in the milk of any transgenic mammal. GTC's transgenic production platform is particularly well suited to enabling cost effective development of proteins that are difficult to express in traditional recombinant production systems as well as proteins that are required in large volumes. Additional information is available on the GTC web site, http://www.gtc-bio.com.
This press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including without limitation statements regarding the timing of determinations by Nasdaq, completion of significant milestones in GTC's clinical and commercial programs, and the potential for taking additional actions to address compliance with the continued listing requirements of the Nasdaq Global Market. Such forward-looking statements are subject to a number of risks, uncertainties and other factors that could cause actual results to differ materially from future results expressed or implied by such statements. Factors that may cause such differences include, but are not limited to, the risks and uncertainties discussed in GTC's most recent Annual Report on Form 10-K and its other periodic reports filed with the Securities and Exchange Commission, including the uncertainties associated with conducting clinical studies, and the risks and uncertainties associated with dependence upon the actions of Nasdaq, regulatory agencies and potential collaboration partners. GTC cautions investors not to place undue reliance on the forward-looking statements contained in this release. These statements speak only as of the date of this document, and GTC undertakes no obligation to update or revise the statements, except as may be required by law.
GTC Biotherapeutics, Inc.
Thomas E. Newberry, 508-370-5374
Vice President, Corporate Communications
Posted: January 2008