After more than 16 years at the helm of Targeted Genetics, H. Stewart Parker has resigned from the Seattle biotechnology company to pursue other opportunities. Long time executive Barrie Carter, who had served as chief scientific officer, also stepped down on November 6.

Parker, who was instrumental in spinning Targeted Genetics out of Immunex in 1992, will remain on the board. She has been replaced by B.G. Susan Robinson, who joined the company in 2000 as vice president of business development.

"Although I look forward to taking on new challenges, I am honored to have worked with some of the best and brightest people in the industry and am proud of the scientific and clinical achievements we have made here to advance and validate the potential of gene therapy," said Parker in a statement.

The move comes five days after Targeted Genetics reported a third quarter net loss of $2.7 million, though losses are nothing new at the company.  

Targeted Genetics, which is developing drugs for inflammatory arthritis, AIDS congestive heart failure and other diseases, has never turned a profit. At the end of last year, it had piled up an accumulated deficit of $300 million, according to the annual report.

"We may never be able to commercialize our products or generate profits and, if we do become profitable, we may be unable to sustain or increase profitability," the company wrote in the report.

As of September 30, it had $9.1 million in cash and cash equivalents on the books. But the company also warned in its most recent filing that its historic sources of capital -- equity sales and cash payments from research partners -- may dry up in the current environment.