Targeted Genetics, the Seattle developer of gene therapies, said today in its quarterly financial report that it entered 2009 with $5.2 million of cash left in the bank, after burning through about $11.2 million of cash in the past year. The company had 47 employees as of March 1, and only enough money to run its operations through the second quarter. The company now expects its shares (NASDAQ: [[ticker:TGEN]]) will be de-listed. For more details on financial struggles of local biotechs, see Xconomy’s Northwest Biotech Survival Index.
Author: Luke Timmerman
Luke is an award-winning journalist specializing in life sciences. He has served as national biotechnology editor for Xconomy and national biotechnology reporter for Bloomberg News. Luke got started covering life sciences at The Seattle Times, where he was the lead reporter on an investigation of doctors who leaked confidential information about clinical trials to investors. The story won the Scripps Howard National Journalism Award and several other national prizes. Luke holds a bachelor’s degree in journalism from the University of Wisconsin-Madison, and during the 2005-2006 academic year, he was a Knight Science Journalism Fellow at MIT.
View all posts by Luke Timmerman
