BIOTHERAPEUTICS REGAINS COMPLIANCE WITH NASDAQ
MARKETPLACE RULE 4310
FRAMINGHAM, MA – January 21, 2009 -- GTC Biotherapeutics, Inc. ("GTC" or “the Company”, NASDAQ: GTCB) received notice from the Listing Qualifications Staff (“Staff”) of The NASDAQ Stock Market indicating that GTC has regained compliance with the minimum market value of listed securities requirement for continued listing on The NASDAQ Capital Market, as set forth in Marketplace Rule 4310 (c)(3), by exceeding $35 million of market capitalization for 10 consecutive trading days. Based on NASDAQ’s recent extension of the temporary suspension of Marketplace Rule 4450(a)(5), GTC has until at least July 20, 2009 to regain compliance with the minimum $1.00 bid price requirement for continued listing.
“We are pleased to have regained compliance with the minimum market capitalization listing requirement,” stated Geoffrey F. Cox, GTC’s Chairman of the Board and CEO. “We look forward to continuing to build on our strengths with expected near term news regarding ATryn’sregulatory review and its commercial launch in the USA.”
ATryn®, GTC’s recombinant form of human antithrombin, was recently recommended by the Blood Products Advisory Committee, or BPAC, to be safe and efficacious for the prevention and treatment of venous thromboembolism in hereditary antithrombin deficient patients undergoing surgery or childbirth procedures. The Food and Drug Administration, or FDA, instituted guidance last week regarding the review and approval of a New Animal Drug Application, or NADA, for animals that incorporate additional genetic information. GTC worked closely with FDA staff to present all relevant information and participated in all field inspections necessary to support the review of an NADA for the animals that produce recombinant human antithrombin in their milk. The FDA’s preliminary review of this information was presented to the BPAC. Under the Priority Review process, the target action date for a decision by the FDA on the Biologics License Application for ATryn® is February 7, 2009. OVATION Pharmaceuticals, GTC’s partner for development and commercialization of ATryn® in the United States, is planning for commercial launch of the product following FDA approval.