GTC Biotherapeutics draws additional $2.4 million on loan

By Jennifer Chiou

New York, Jan. 3 - GTC Biotherapeutics, Inc. said it expanded its term loan with GE Capital, allowing it to draw down another $2.4 million, according to an 8-K filing with the Securities and Exchange Commission.

The drawdown was completed on Dec. 29.

According to the filing, the $2.4 million will be repaid to GE Capital through January 2009 with monthly payments of $78,000. The loan carries an interest rate of 10.79%.

The Framingham, Mass., company said it will use the funds to refinance the note due to Genzyme Corp. in early 2006.

GTC, based in Framingham, Mass., is a biotechnology company focused on developing therapeutic proteins through transgenic animal technology.

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