GTC Biotherapeutics to Raise $6 Million in Registered Direct Offering

GTC Biotherapeutics to Raise $6 Million in Registered Direct Offering

FRAMINGHAM, Mass. -- Feb 8, 2008 - GTC Biotherapeutics announced today that it has entered into a securities purchase agreement with institutional investors to purchase 6,896,550 million shares of GTC's common stock at a price of $0.87 per share for gross proceeds of approximately $6 million. 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.

The shares and warrants are being offered under a shelf registration statement previously filed with the Securities and Exchange Commission. Rodman & Renshaw, LLC, a wholly-owned subsidiary of Rodman & Renshaw Capital Group, Inc. (Nasdaq: RODM - News), acted as the lead placement agent and Dawson James Securities, Inc. served as co-agent for the offering. 

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. Copies of the prospectus and the prospectus supplement can be obtained from Rodman & Renshaw, LLC, 1270 Avenue of the Americas, 16th Floor, New York, NY 10020, Fax: 212-581-5690.

About GTC Biotherapeutics

GTC Biotherapeutics develops, supplies, and commercializes therapeutic proteins produced through transgenic animal technology. GTC's lead program is ATryn(R), its recombinant form of human antithrombin that is approved for use in the European Union and met the primary endpoint of a pivotal study for the United States. In addition to ATryn(R), GTC is developing a portfolio of recombinant human plasma proteins with known therapeutic properties. These proteins include recombinant forms of human coagulation factors VIIa, VIII, and IX, and alpha-1 antitrypsin. GTC also has a monoclonal antibody portfolio that includes a CD20 monoclonal antibody and a monoclonal antibody to CD137. GTC's intellectual property includes a patent in the United States through 2021 for the production of any therapeutic protein in the milk of any transgenic mammal. GTC's transgenic production platform is particularly well suited to enabling cost effective development of proteins that are difficult to express in traditional recombinant production systems as well as proteins that are required in large volumes. Additional information is available on the GTC web site, http://www.gtc-bio.com.

This press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements about the expected closing date of the offering and the amount of proceeds expected to be received from the offering. Such forward-looking statements are subject to a number of risks, uncertainties and other factors that could cause actual results to differ materially from future results expressed or implied by such statements. Factors that may cause such differences include, but are not limited to, the risks and uncertainties discussed in GTC's most recent Annual Report on Form 10-K and its other periodic reports filed with the Securities and Exchange Commission, including the risks and uncertainties inherent in satisfying the conditions to the closing of such a transaction. GTC cautions investors not to place undue reliance on the forward-looking statements contained in this release. These statements speak only as of the date of this document, and GTC undertakes no obligation to update or revise the statements, except as may be required by law.

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