Targeted Ends Year With $5.2M
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: TGEN) will be de-listed. For more details on financial struggles of local biotechs, see Xconomy’s Northwest Biotech Survival Index.