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news.GTC Biotherapeutics has entered into a securities purchase agreement with institutional investors to purchase 6.89 million shares of GTC's common stock at a price of $0.87 per share for gross proceeds of approximately $6 million.
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Under the terms of the financing, GTC will also issue 7-year warrants to purchase an additional share of GTC’s common stock for each share sold in the offering, at an exercise price of $0.87 per share. The closing of the offering is expected to take place on February 12, 2008, subject to the satisfaction of customary closing conditions. The net proceeds of the financing will be used for general corporate purposes.