Targeted Genetics restructures to advance arthritis product, cut expenses

By Jennifer Chiou

New York, Jan. 24 - Targeted Genetics Corp. announced it is restructuring its operations to reduce expenses and realign resources to move forward with its lead product candidate, tgAAC94, for inflammatory arthritis.

Targeted Genetics seeks to advance the anti-tumor necrosis factor alpha product candidate through clinical trials using the majority of its resources.

For the restructuring, the company noted it reduced its workforce by 26 employees or about 27%, primarily in early-stage research and development groups, operations and general and administrative functions.

"As a result of this restructuring, we anticipate our cash burn for 2006 to be at least 20% to 25% less than 2005 results, giving us a better opportunity to achieve our goals for 2006 and position the company for the future," president and chief executive officer H. Stewart Parker said in a news release.

Targeted Genetics said its key goals for 2006 include reporting preliminary tgAAC94 phase 1 data, completing follow-up data of HIV/AIDS vaccine phase 1 European "boost" and India trials, initiating a phase 1 clinical study in congestive heart failure and seeking additional strategic collaborations.

Based in Seattle, Targeted Genetics is a biotechnology company focused on molecular therapies for the prevention and treatment of inflammatory arthritis, HIV/AIDS and other acquired and inherited diseases.

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