Tuesday, December 2, 2008

Targeted Genetics Cuts Employees

Seattle-based Targeted Genetics, which develops and commercializes molecular therapeutics, said Tuesday that the firm has reduced its payroll by 25%, and will also reduce other costs by 15% at the firm. According to the company, the move was made because of the "challenging capital markets." The cuts came in conjunction with a shift in the firm's product development priorities. Targeted Genetics said it will focus its efforts around its candidate for the treament of severe retinal dystrophies, which are associated with Leber's Congenital Amaurosis (LCA), its' preclinical Huntington's Disease (HD) product candidate and a third product candidate to treat Amyotrophic Lateral Sclerosis (ALS).