GTC Biotherapeutics (GTCB) Files For 1-to-10 Reverse Stock Split

May 26, 2009 4:50 PM EDT

GTC Biotherapeutics, Inc. (NASDAQ: GTCB) has filed Articles of Amendment to its Restated Articles of Organization with the Secretary of the Commonwealth of Massachusetts to effect a reverse split of GTC's common stock in the ratio of one-for-ten. The reverse stock split will be effective on May 26, 2009 at 11:59 p.m. GTC's common stock will begin trading on the NASDAQ Capital Market at the market opening on May 27, 2009 on a split-adjusted basis. To denote the reverse stock split GTC's common stock will trade under the stock symbol "GTCBD" for a period of 20 trading days. After 20 trading days GTC's common stock will resume trading under the symbol "GTCB".

The reverse stock split is expected to increase the market price of GTC's common stock to meet the $1.00 per share minimum share price requirements for continued listing on the NASDAQ Capital Market. The reverse stock split will reduce the number of shares GTC's common stock outstanding from approximately 104,391,892 to approximately 10,439,189. There will continue to be 210,000,000 authorized shares of common stock.

GTC Biotherapeutics, Inc. is engaged in the development and production of human therapeutic proteins through transgenic technology that enables animals to produce a recombinant form of a specified human protein in their milk. [SM]

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