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Biotech's loss forces halt to cancer projects
Targeted Genetics confirms layoffs, halts work on genetic treatment
Thursday, August 8, 2002
Seattle biotech company Targeted Genetics Corp. yesterday reported increased losses for the quarter ended June 30, at the same time saying it will suspend some projects and confirming it will lay off about 44 workers to save money.
The company posted a net loss of $6.4 million, or 15 cents per share, compared with a loss of $5.9 million, or 13 cents per share, in second quarter 2001.
It reported revenue of $4.6 million, compared with $4.3 million in the same period last year. As of June 30, it had $17.4 million in cash and cash equivalents.
Targeted Genetics said it will discontinue work on a genetic treatment for ovarian cancer and head and neck cancer unless it can find a partner or another source of funding.
As reported yesterday by the Seattle Post-Intelligencer, the company confirmed that it is cutting its research and administration staffs by about 25 percent, or 44 people, bringing the staff size down to 131.
A stock purchase plan with Biogen Inc. of Cambridge, Mass., was supposed to yield $10 million to fund operations, but Targeted Genetics' low share price has diminished that amount, the company said.
Shares closed down 26 cents, or 25 percent, at 76 cents. The stock traded at an all-time high of $28 in early 2000.
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