Framingham drug developer GTC Biotherapeutics Inc. cut its losses for the second quarter of the year to $300,000 against a loss of $10.8 million for the second quarter of 2009. Revenue soared for Q2, to $4.9 million, versus $655,000 for Q2 2009.
GTC (OTCBB: GTCB) makes drug therapies derived from animal proteins. The bulk of its Q2 2010 revenue came from an award of approximately $4.1 million to GTC from LEO Pharma.
Earlier this month, GTC regained U.S. commercialization rights to ATryn, a drug intended to prevent blood clots, from Lundbeck Inc., a wholly owned subsidiary of H. Lundbeck A/S in Denmark.
In June, GTC announced a new $7 million secured convertible debt financing and a restructuring plan that will see 30 positions eliminated at its Framingham headquarters, just one month after it said it had only enough funds to last for a single month. The restructuring also calls for the elimination of another 20 jobs at its farm facility.
GTC Biotherapeutics has a research program that employs goats to produce milk carrying a protein for use as part of potential treatments for autoimmune diseases including multiple sclerosis.