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Article: Money briefs.(MONEY)
- Article from:
- Telegram & Gazette (Worcester, MA)
- Article date:
- November 7, 2009
CopyrightCOPYRIGHT 2009 Worcester Telegram & Gazette. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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COLUMN: Money briefs
GTC cuts losses, jobs
FRAMINGHAM - GTC Biotherapeutics Inc. cut third-quarter losses compared with the same time last year and said it will reduce staffing by nearly 30 percent as its focuses on certain projects and conserves cash.
GTC reported in a news release it is reducing its work force to 109 people from 154 people. The job cuts and a decision to focus work on ATryn and Factor VIIa programs should save $5 million to $6 million in annualized expenses, the company reported.
The biotechnology company, which develops genetically altered goats that produce therapeutic human proteins in their milk, posted a loss of ...