SOURCE: Targeted Genetics

February 27, 2007 12:12 ET

Targeted Genetics Responds to Litigation Release SEC V. Crestview Capital Partners, LLC and Stewart R. Flink

SEATTLE, WA -- (MARKET WIRE) -- February 27, 2007 -- Targeted Genetics Corporation (NASDAQ: TGEN) has reviewed the U.S. Securities and Exchange Commission's litigation release No. 20017 announcing the filing and settlement of securities fraud charges against hedge fund adviser, Crestview Capital Partners, LLC and one of its managing members, Stewart R. Flink. Among other things, the SEC charged Crestview and Mr. Fink with making fraudulent representations in connection with Targeted Genetics' February 2004 registered direct offering.

"The allegations against Crestview and Mr. Fink are a matter of grave concern for us," said H. Stewart Parker, president and chief executive officer of Targeted Genetics. "We plan to examine all the related facts and circumstances to determine the appropriate course of action."

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 encoding proteins to increase gene function, as well as 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 the Company's website at www.targetedgenetics.com.

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

This release may contain forward-looking statements which could involve current expectations, forecasts of future events and other statements that are not historical facts relating to possible causes of action we may have against Crestview Capital, Stewart Fink or any other party or any other action we may or may not take in view of the action by the Securities and Exchange Commission against Crestview Capital and Mr. Fink. Inaccurate assumptions and known and unknown risks and uncertainties can affect the accuracy of forward-looking statements. You should not rely unduly on these forward-looking statements, which apply only as of the date of this release. We undertake no duty to publicly announce or report revisions to these statements as new information becomes available that may change our expectations.

Contact Information

  • Investor and Media Contact:
    Stacie D. Byars
    Director, Communications
    Targeted Genetics Corporation
    (206) 521-7392