Targeted Genetics Exits Nasdaq

Luke Timmerman1/13/10

Targeted Genetics, the Seattle-based developer of gene therapies that went public back in 1994, said today it has decided to allow its stock (NASDAQ: TGEN) to be delisted from the Nasdaq in order to conserve cash. The company has the equivalent of just six full-time employees, and the company is planning to further reduce costs by switching CEO Susan Robinson and David Poston, the chief financial officer, to part-time status, the company said. Targeted Genetics had $4.5 million in cash on hand heading into this year, the company said. The stock closed trading yesterday at 32 cents.

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.