GTC's CEO is out as company axes 50 staffers

The turmoil at the cash-strapped transgenics player GTC Biotherapeutics continues unabated. The Framingham, MA-based developer says it landed $7 million in convertible debt from LFB Biotechnologies after axing 50 staffers at its headquarters and farm facility. In addition, says the company, CEO Geoffrey Cox and other unnamed senior execs are leaving the company. Board member William Heiden has been named chairman, CEO and president. Said Heiden: "GTC will concentrate its efforts on achieving three key goals: to progress the Factor VIIa program into first-in-man studies, currently expected to begin late this year; to improve the financial performance of ATryn, the first product developed, approved (in the US and EU) and manufactured using GTC's transgenic technology; to leverage the power of our transgenic platform to advance additional protein therapeutic candidates, especially in the area of 'bio-similar' product candidates. GTC release