Friday, May 8, 2009

Targeted Genetics Mulls Bankruptcy

Seattle-based Targeted Genetics could be headed for bankruptcy. The publicly traded biotechnology firm suggested such could be a possibility in its first-quarter earnings report, which it made public Thursday. B.G. Susan Robinson, Targeted Genetics' president and chief executive officer, noted that, despite the company's efforts, it has not succeeded in raising enough capital to support ongoing operations. As a result, she explained, Targeted Genetics could "begin the process of ceasing operations, seeking bankruptcy protection or otherwise winding up our business" if its fortunes fail to improve by the end of June. Targeted Genetics reported a net loss of $1.8 million for Q1 2009.