Struggling GTC earmarks retention bonuses

As GTC Biotherapeutics wielded the budget axe to trim 45 employees from its rosters yesterday, the struggling company also earmarked $270,000 in retention bonuses for its top staffers. CEO Geoffrey Cox will get $94,000 if he stays past March 31 while CFO John Greene, R&D chief Harry Meade, Richard Scotland, head of regulatory affairs, and General Counsel Daniel Woloshen each stand to receive $44,000. Of course, the cash-hungry developer also says that the company will run out of money in the middle of the first quarter if it doesn't line up fresh funding, so they have their work cut out for them. Report