GTC Axes 50 Workers, CEO Out

Xconomy Boston — 

GTC Biotherapeutics, the Framingham, MA-based company that won FDA approval for the first drug manufactured in genetically modified animals, has cut 50 jobs in connection with a new $7 million convertible debt financing round. The company’s CEO, Geoffrey Cox and “several other members  of the current senior management team” will be leaving the company, according to a statement. William Heiden, the former CEO of Elixir Pharmaceuticals, is replacing Cox as the new leader of GTC.