gtc-BIOTHERAPEUTICS RECEIVES NASDAQ NOTICE
FRAMINGHAM, MA – November 11, 2008 -- 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 no longer satisfies the minimum $2.5 million stockholders’ equity requirement for continued listing on The NASDAQ Capital Market, as set forth in Marketplace Rule 4310 (c)(3).
“We will be submitting our plan to regain compliance tothe NASDAQ Staff and we look forward to engaging in this discussion through the review and, if necessary, appeal process,” stated Geoffrey F. Cox, GTC’s Chairman of the Board and CEO. “Our strengths in expected near term news flow as well as the financial support from current and potential future partners leaves GTC well positioned to regain compliance.”
The NASDAQ Staff requested that the Company provide a plan to achieve and sustain compliance with all requirements for continued listing, including the time frame for completion of the plan. The Company anticipated receipt of the NASDAQ notice and is preparing its plan for timely submission to NASDAQ. If, after the conclusion of the NASDAQ Staff’s review, the Staff determines not to accept the Company’s plan of compliance, then the NASDAQ Staff will provide the Company with written notification that its securities are subject to delisting from The NASDAQ Capital Market. At that time, the Company would be afforded the opportunity to request a hearing before a NASDAQ Listing Qualifications Panel. In such an event, the Company’s securities would remain listed on NASDAQ pending a decision by the Panel following the hearing.
CONTACT:
GTC Biotherapeutics, Inc.
Thomas E. Newberry
Vice President, Corporate Communications & Government Relations
(508) 370-5374 or tom.newberry@gtc-bio.com
