Targeted Genetics, the Seattle-based developer of gene therapies that went public back in 1994, said today it has decided to allow its stock (NASDAQ: [[ticker:TGEN]]) to be delisted from the Nasdaq in order to conserve cash. The company has the equivalent of just six full-time employees, and the company is planning to further reduce costs by switching CEO Susan Robinson and David Poston, the chief financial officer, to part-time status, the company said. Targeted Genetics had $4.5 million in cash on hand heading into this year, the company said. The stock closed trading yesterday at 32 cents.
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.
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