Targeted Genetics Gets Recommended for up to $2.4 Million Government Grant

Luke Timmerman7/10/08

Targeted Genetics, the Seattle-based biotech company, said today it has been recommended for a grant worth as much as $2.4 million from the U.S. Department of Defense to develop a treatment for amyotrophic lateral sclerosis, or Lou Gehrig’s disease. Targeted Genetics (NASDAQ: TGEN) plans to develop a conventional small-molecule drug for animal tests against the disease. The cash provides a lift for Targeted, which had a first-quarter net loss of $3.4 million, and had $12.9 million in cash at the end of March.

Luke Timmerman is the National Biotech Editor of Xconomy, and the Editor of Xconomy Seattle. E-mail him at ltimmerman@xconomy.com or follow him on Twitter at twitter.com/ldtimmerman.