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GTC BIOTHERAPEUTICS RECEIVES NOTICE RELATED TO NASDAQ MINIMUM MARKET VALUE RULE
FRAMINGHAM, MA – March 19, 2009 -- GTC Biotherapeutics, Inc. ("GTC", NASDAQ: GTCB) has received a Staff Deficiency Letter from The NASDAQ Stock Market notifying GTC that for the 10 consecutive trading days the aggregate market value of GTCB common stock has fallen below $35 million, the minimum level required for continued listing on The NASDAQ Capital Market, as specified by the Marketplace Rule 4310(c)(3)(B).
In accordance with Marketplace Rule 4310(c)(8)(C), GTC has until June 15, 2009 to regain compliance by demonstrating a market value of listed securities of at least $35 million for at least ten consecutive trading days. If compliance can not be demonstrated by June 15, 2009, GTC may request a hearing before a NASDAQ Listing Qualifications Panel (the “Panel”) at which it could request a further extension. The Company’s common stock would continue to be listed at least until the conclusion of the Panel process.