Targeted ‘Must Raise’ Cash

8/12/09Follow @xconomy

Targeted Genetics, the Seattle-based developer of gene therapies, said today in its quarterly financial report that it “must raise additional capital” to remain in business beyond this month. The company (NASDAQ: TGEN) had $2.5 million in cash and investments left at the end of June. The company is considering selling assets, product collaborations, or stock sales as options to stay afloat. “If we are not successful in the very near term at raising additional funding sufficient to support our ongoing operations, we will wind down our business or otherwise cease our operations,” said CEO Susan Robinson, in a statement. The company has 15 employees at last count on Aug. 1.

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