SOURCE: Targeted Genetics

Targeted Genetics

October 01, 2009 17:22 ET

Nasdaq Grants Targeted Genetics Corporation an Extension to Regain Compliance With Continued Listing Requirements

SEATTLE, WA--(Marketwire - October 1, 2009) - Targeted Genetics Corporation (NASDAQ: TGEN) today announced that, on September 28, 2009, the Nasdaq granted the Company's request to remain listed on The Nasdaq Capital Market. The Company's continued listing is subject to regaining compliance with the Nasdaq listing requirements by evidencing shareholders' equity of $2.5 million (or demonstrating compliance with alternative listing criteria) on or before January 19, 2010 and achieving a closing bid price of $1.00 or more for a minimum of 10 consecutive trading days on or before February 8, 2010, as well as maintaining compliance with all other requirements for continued listing on the Nasdaq Capital Market. In addition, the Company must inform the Nasdaq panel if the Company determines not to pursue a reverse stock split as a means, if necessary, to enable the Company to regain compliance with the $1.00 share price requirement. If the Company does not satisfy the foregoing conditions, the Nasdaq panel will issue a final determination to delist the Company's common stock and will suspend trading of the Company's shares effective on the second business day after the date of the Panel's final determination.

The Company also reported that, on September 25, 2009, it amended the lease for its 38,000 square foot facility in Seattle, Washington, used for office space and research and development activities. Under the terms of the lease amendment, which extends the termination date for the lease provided in the previous lease amendment, the lease will terminate upon 30 days' written notice by either the landlord or the Company (or, in specified circumstances, upon 10 days written notice by the landlord). Under the terms of the September 25, 2009 amendment, as in the previous lease amendment, the Company will be released from future payment obligations and other liabilities at the time of lease termination.

About Targeted Genetics Corporation

Targeted Genetics Corporation is a biotechnology company committed to the development and commercialization of innovative therapies for the prevention and treatment of diseases with significant unmet medical need. To learn more about Targeted Genetics, visit its website at www.targetedgenetics.com.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:

This release contains forward-looking statements, including statements regarding the Company's continued listing on the Nasdaq Capital Market, the Company's ability to meet the conditions for continued listing on the Nasdaq Stock Market, the termination of the Company's headquarters lease and the release of obligations in connection with such termination. These statements involve current expectations, forecasts of future events and other statements that are not historical facts. Inaccurate assumptions and known and unknown risks and uncertainties can affect the accuracy of forward-looking statements and cause actual results to differ materially from those expected or implied by the forward-looking statements. Factors that could affect actual future events or results include, but are not limited to, the risk that the Company will be unable to regain compliance with the Nasdaq Capital Market listing requirements for shareholders' equity, market value of listed securities or net income and/or the listing requirement for minimum bid price, resulting in the inability of the Company to maintain its listing on the Nasdaq Capital Market, and the risk that an over-the-counter market will not trade the Company's shares if the Nasdaq Capital Market delists the Company (which, in either case, would impair the Company's ability to raise capital through the sale of equity), and the risk factors described in the section entitled "Risk Factors" in Part I, Item 1A of the Company's quarterly report on Form 10-Q for the quarter ended June 30, 2009, filed with the Securities and Exchange Commission. You should not rely unduly on these forward-looking statements, which apply only as of the date of this release. The Company undertakes no duty to publicly announce or report revisions to these statements as new information becomes available that may change the Company's expectations.

Contact Information

  • Investor and Media Contact:
    Stacie D. Byars
    206.660.2588
    Email Contact