Targeted Genetics Sheds Lease

Luke Timmerman7/6/09

Targeted Genetics (NASDAQ: TGEN), the Seattle-based gene therapy company struggling to avoid bankruptcy, said today that it has terminated a lease on a manufacturing facility in Bothell, WA. The company agreed to pay a $500,000 fee to terminate the lease on the facility, which will allow Targeted to avoid $12 million in lease payments through 2015. Targeted only has enough resources on hand to operate into August, and needs to strike one or more cash-generating transactions to stay alive, the company said.

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.