A Medical Device Daily

GTC Biotherapeutics (Framingham, Massachusetts) reported that it has obtained commitments from a select group of institutional investors to purchase roughly 7.7 million shares of its common stock at a price of $1.35 per share.

The shares are being offered under GTC's effective shelf registration statement previously filed with the Securities and Exchange Commission. SG Cowen & Co. acted as placement agent for the offering.

GTC estimates gross proceeds will be approximately $10.4 million. The net proceeds of the financing will be used for general corporate purposes, including support of GTC's clinical and regulatory strategy for product development.

GTC develops therapeutic proteins through transgenic animal technology.

Trestle Holdings (Irvine, California), a supplier of digital imaging and telemedicine applications, reported that it has completed its private placement. The placement was a unit offering to institutional and accredited investors, with each unit consisting of one share of the company's common stock and a warrant to purchase 0.75 shares of common stock.

The units were priced at $1.75 and each warrant is exercisable for whole shares only at $1.75 per share. The company intends to use proceeds of the offering for working capital, including its previously announced services business and its proposed acquisition of Interscope Technologies (Wexford, Pennsylvania) which was first disclosed last month (Medical Device Daily, Dec. 15, 2004).

In two closings, the company sold an aggregate of 2.6 million units resulting in gross proceeds of $4.55 million to the company.

Trestle develops digital imaging and telemedicine applications for the life sciences markets.