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GTC downsizes, gets $7m in financing

Associated Press / June 17, 2010

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FRAMINGHAM — GTC Biotherapeutics says it is restructuring and downsizing its operations even as it secures $7 million in debt financing from its French strategic partners.

GTC said yesterday that its chief executive, Geoffrey Cox, and several other senior managers will be leaving the Framingham company, which produces drugs from the milk of genetically engineered animals.

GTC also said 30 full-time workers would be cut from its headquarters and 20 more would be eliminated at its goat farm.