SOURCE: Targeted Genetics

April 25, 2008 20:00 ET

Targeted Genetics Receives Nasdaq Notification

SEATTLE, WA--(Marketwire - April 25, 2008) - Targeted Genetics Corporation (NASDAQ: TGEN) today announced that it received a staff deficiency letter from the Nasdaq Stock Market on April 23, 2008 indicating that, for the last 30 consecutive business days, the bid price of Targeted Genetics' common stock has closed below the minimum $1.00 per share requirement for continued listing under Marketplace Rule 4310(c)(4).

The letter stated that under Marketplace Rule 4310(c)(8)(d), Targeted Genetics will be provided with 180 calendar days, or until October 20, 2008, to regain compliance with Marketplace Rule 4310(c)(4). To regain compliance, anytime before October 20, 2008, the bid price of Targeted Genetics' common stock must close at $1.00 per share or more for a minimum of 10 consecutive business days.

On October 20, 2008, if Targeted Genetics meets The Nasdaq Capital Market initial inclusion criteria set forth in Marketplace Rule 4310(c), except for the bid price requirement, it may be provided with an additional 180 calendar day compliance period to demonstrate compliance. If Targeted Genetics is not eligible for an additional compliance period at that time, Nasdaq Staff will provide written notification that Targeted Genetics' securities will be delisted. Upon such notice, Targeted Genetics may appeal the Nasdaq Staff's Determination to a Listing Qualifications Panel, pursuant to the procedures set forth in the Nasdaq Marketplace Rule 4800 Series. There can be no assurance that, if Targeted Genetics does appeal the Nasdaq Staff's Determination that such appeal would be successful.

About Targeted Genetics

Targeted Genetics Corporation is a biotechnology company committed to the development of innovative targeted molecular therapies for the prevention and treatment of acquired and inherited diseases with significant unmet medical need. Targeted Genetics' proprietary Adeno-Associated Virus (AAV) technology platform allows it to deliver genes that encode proteins to increase gene function or RNAi to decrease or silence gene function. Targeted Genetics' product development efforts target inflammatory arthritis, AIDS prophylaxis, congestive heart failure and Huntington's disease. To learn more about Targeted Genetics, visit Targeted Genetics' website at www.targetedgenetics.com.

Contact Information

  • Investor and Media Contact:
    Stacie D. Byars
    WeissComm Partners
    415.946.1072
    Email Contact

    Carolyn Wang
    WeissComm Partners
    415.946.1065
    Email Contact