Targeted Genetics cuts deep |
Follow the ups and downs of a new Seattle startup in a series of behind-the-scenes posts by its founders.
Troubled Seattle biotechnology firm Targeted Genetics said it is cutting its staff by more than two-thirds to help keep the company running into August.
The company said in a press release it will reduce its head count to 10 to 15 employees by the end of July. The company currently has 46 employees, Targeted Genetics spokeswoman Stacie Byars told The Puget Sound Business Journal.
The biotech firm said it has also “continued to pursue a settlement of its Bothell lease obligations and has also entered into discussions to reduce or eliminate its other facility costs.”
Targeted Genetics has been running low on cash for month. At the end of March, it reported just $3.9 million in cash on the books. It noted in the press release:
The Company continues to pursue additional capital through strategic transactions, licensing or selling technology, product development collaborations, and sales of stock. If the Company is not successful in raising additional funding sufficient to support ongoing operations, it will wind down its business or otherwise cease its operations.
Targeted Genetics also said today that its primary collaborator -- the University College London/Moorfields Eye Hospital -- has continued clinical trials for Leber's Congenital Amaurosis (an inherited disease that often results in blindness).
Seattle Repertory Theatre presents Glengarry Glen Ross Feb 5th to Feb 28th
One of the largest and most renowned regional theatres in the country, Seattle Repertory Theatre produces a mix of celebrated classics, recent Broadway hits and cutting-edge new works in two theatre spaces. Now playing David Mamet's American classic Glengarry Glen Ross through February 28. Join us for Sales Rep Industry night February 11 with the Puget Sound Business Journal. For details click here.
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WTIA 15th Annual Industry Achievement Awards
Held on March 4th at the Showbox SODO, this casual event celebrates and recognizes some of the best emerging and established companies in the Washington Tech Industry. The evening will feature a finalist company technology showcase and a variety of coffee, chocolate, and wine samples from local companies. More than 800 attendees are expected to be present at the celebration. Public online voting for Technology Leader of Tomorrow Scholarships will open February 3rd on the WTIA site.
We congratulate the 2010 finalists and look forward to unveiling the winners on March 4th. REGISTER NOW!