H. Stewart Parker, President and Chief Executive Officer and Barrie J. Carter, PhD, Executive Vice President and Chief Scientific Officer Step Down
SEATTLE, WA, Nov 10, 2008 (MARKET WIRE via COMTEX News Network) -- Targeted Genetics Corporation (NASDAQ: TGEN) announced today that H.
Stewart Parker, President, Chief Executive Officer and Barrie J.
Carter, PhD, Executive Vice President and Chief Scientific Officer
have resigned effective November 6, 2008. Ms. Parker remains on the
Board of Directors. The Board of Directors has appointed B.G. Susan
Robinson, as the Company's President and Chief Executive Officer.
Ms. Robinson joined Targeted Genetics in March 2000 and previously
served as Vice President of Business Development.
"On behalf of the Board, I would like to express our genuine thanks
to and esteem for Ms. Parker and Dr. Carter for their dedication and
perseverance through some very gratifying and challenging times," said
Jeremy Curnock Cook, Chairman of the Board. "Over the past seventeen
years Ms. Parker and Dr. Carter have pioneered the development of
gene transfer from the lab bench towards commercialization, and were
responsible for the first clinical trials conducted using AAV. They
have also played critical roles in the general development of the
field through their work with FDA committees and the Biotechnology
Industry Organization."
"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 Ms.
Parker. "I wish the entire Targeted Genetics team great success in
continuing the important work we have achieved to date."
For most of this decade, Ms. Robinson has led licensing and
partnering activities for Targeted Genetics. In this role, she has
been integrally involved in strategic transaction activities,
corporate development and all aspects of the strategic planning
function for the Company. "I welcome the opportunity to work with
our board, employees and collaborators to capitalize on the
opportunity we have to create real value from our leading-edge AAV
technology. We will be intently focused on efforts to extend our
cash horizon in order to advance development of our innovative,
robust pipeline and ultimately bring to market our exciting product
opportunities," said Ms. Robinson.
"We have full confidence in Ms. Robinson and the rest of the team as
we work to advance our valuable platform and product pipeline," said
Jeremy Curnock Cook.
Prior to joining Targeted Genetics, Ms. Robinson was Director,
Business Development at Genzyme Molecular Oncology, part of Genzyme
Corporation. In her business development roles, she has completed
multiple corporate and academic technology licenses, sponsored
research agreements, and product development collaboration
agreements. Prior to Genzyme, and over a nine-year period, Ms.
Robinson held increasingly responsible positions in corporate
development and corporate communications for Immulogic
Pharmaceuticals Corporation and T-Cell Sciences, Inc. (now Celldex).
Ms. Robinson is a graduate of Yale University.
Ms. Parker managed Targeted Genetics' formation as a wholly owned
subsidiary of Immunex Corporation in 1989 and has served as Targeted
Genetics' president, chief executive officer and a director since
that time. Dr. Carter served as Targeted Genetics' executive vice
president since August 1992 and as Targeted Genetics' chief scientific
officer since January 2001.
About Targeted Genetics Corporation
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 that encode proteins to increase gene function or RNAi to
decrease or silence gene function. Targeted Genetics' product
development efforts target inflammatory arthritis, AIDS prophylaxis,
congestive heart failure, Huntington's disease and Leber's congenital
amaurosis. To learn more about Targeted Genetics, visit Targeted
Genetics' website at www.targetedgenetics.com.
Safe Harbor Statement under the Private Securities Litigation Reform
Act of 1995:
This release contains forward-looking statements regarding the
Company's liquidity and financial resources, its ability to fund
ongoing and future operations and its business strategy and product
development, including statements regarding the Company's ability to
extend its cash horizon, advance its platform and product pipeline
and create value from its product candidates and other statements
about the Company's plans, objectives, intentions and expectations.
These statements involve current expectations, forecasts of future
events and other statements that are not historical facts. Inaccurate
assumptions and known and unknown risks and uncertainties can affect
the accuracy of forward-looking statements. Factors that could affect
actual future events or results include, but are not limited to, the
risk that the Company will run out of cash earlier than expected, the
risk that the Company will not be able to raise capital or secure
other financial resources in the near term, the risk that the
Company's research and development programs are not successful or are
delayed or terminated, the risk that payments anticipated by the
Company under product development collaborations and contracts are
not earned or received when expected or at all, and the risk that the
Company will not be able to maintain its listing on the NASDAQ
Capital Market , as well as other risk factors described in its
filings with the Securities and Exchange Commission (SEC), including
in "Item 1A. Risk Factors" in the Company's most recent quarterly
report on Form 10-Q for the quarter ended September 30, 2008 filed
with the SEC. You should not rely unduly on these forward-looking
statements, which apply only as of the date of this release. The
Company undertakes no duty to publicly announce or report revisions
to these statements as new information becomes available that may
change the Company's expectations.
Media Contact:
Stacie D. Byars
WeissComm Partners
206.660.2588
Email Contact
SOURCE: Targeted Genetics
