Targeted Genetics Amends Lease

Luke Timmerman7/24/09

Targeted Genetics, the Seattle-based developer of gene therapies, said today it has amended the lease on its 38,000-square foot headquarters to get a reduced rate from June through August, and then providing $45,000 and “reasonable credit assurances” to its landlord by Aug. 31. If the company can’t provide those assurances, the landlord can terminate the lease on Oct. 31. Targeted Genetics (NASDAQ: TGEN) has been running low on cash for months, and only has enough money left to operate into August, 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.