05.10.2009 20:45:00
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GTC Biotherapeutics Announces Changes in Board
GTC Biotherapeutics, Inc. ("GTC", NASDAQ: GTCB) has appointed Evelyne Nguyen, Jean-François Prost M.D., Bertrand Merot, Ph.D., and William Heiden as directors. These directors were nominated by LFB Biotechnologies in accordance with its right under GTC’s funding agreements to appoint a number of directors commensurate with LFB’s ownership of GTC. To accommodate LFB’s plan not to increase the size of the GTC Board, Robert Baldridge, Kenneth Bauer M.D., Mary Ann Gray, Ph.D., and Marvin Miller resigned as directors.
"We are very grateful for the contributions of Bob Baldridge, Ken Bauer, Mary Ann Gray, and Marv Miller as GTC has navigated through difficult economic markets while obtaining historic approvals for our ATryn® product,” stated Geoffrey F. Cox, Ph.D., GTC’s Chairman and Chief Executive Officer. "We welcome the experience of our new directors in the development, manufacture and marketing of human coagulation factors – a key part of our business – and we look forward to working closely with them as GTC moves forward with the development of the products in our LFB joint venture and advances our ATryn product and other pipeline opportunities with other partners.”
Dr. Prost is Chief Medical and Scientific Officer of LFB S.A, Mrs. Nguyen is Director of Financial Affairs and Strategy for LFB S.A., and Dr. Merot is Chief Operating Officer of LFB Biotechnologies. Mr. Heiden is an outside director of LFB Biotechnologies and is Managing Director of Vitruvian Pharmaceuticals. Mr. Heiden has had international experience as a senior executive in several life sciences companies, including Schering Plough and most recently as President & CEO of Elixir Pharmaceuticals Inc.
About GTC Biotherapeutics, Inc.
GTC Biotherapeutics develops, supplies and commercializes therapeutic proteins produced through transgenic animal technology. ATryn®, GTC’s recombinant human antithrombin, has been approved for use in the United States and Europe. ATryn is the first and only product produced in transgenic animals to be approved for therapeutic use anywhere in the world. In addition to ATryn, GTC is developing a portfolio of recombinant human plasma proteins with known therapeutic properties. These proteins include recombinant forms of human coagulation factors VIIa and IX, which are being developed for the treatment of hemophilia. GTC is also developing a portfolio of follow-on biologic monoclonal antibodies and a CD20 antibody with enhanced ADCC (antibody-dependent cell-mediated cytotoxicity). 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 prospects for development GTC’s business. . 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 risks and uncertainties associated with dependence upon the actions of product partners and regulatory agencies. 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.
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