SEATTLE, WA, Oct 01, 2009 (MARKETWIRE via COMTEX) -- Targeted Genetics Corporation (NASDAQ: TGEN) today announced that,
on September 28, 2009, the Nasdaq granted the Company's request to
remain listed on The Nasdaq Capital Market. The Company's continued
listing is subject to regaining compliance with the Nasdaq listing
requirements by evidencing shareholders' equity of $2.5 million (or
demonstrating compliance with alternative listing criteria) on or
before January 19, 2010 and achieving a closing bid price of $1.00 or
more for a minimum of 10 consecutive trading days on or before
February 8, 2010, as well as maintaining compliance with all other
requirements for continued listing on the Nasdaq Capital Market. In
addition, the Company must inform the Nasdaq panel if the Company
determines not to pursue a reverse stock split as a means, if
necessary, to enable the Company to regain compliance with the $1.00
share price requirement. If the Company does not satisfy the
foregoing conditions, the Nasdaq panel will issue a final
determination to delist the Company's common stock and will suspend
trading of the Company's shares effective on the second business day
after the date of the Panel's final determination.
The Company also reported that, on September 25, 2009, it amended the
lease for its 38,000 square foot facility in Seattle, Washington, used
for office space and research and development activities. Under the
terms of the lease amendment, which extends the termination date for
the lease provided in the previous lease amendment, the lease will
terminate upon 30 days' written notice by either the landlord or the
Company (or, in specified circumstances, upon 10 days written notice
by the landlord). Under the terms of the September 25, 2009
amendment, as in the previous lease amendment, the Company will be
released from future payment obligations and other liabilities at the
time of lease termination.
About Targeted Genetics Corporation
Targeted Genetics Corporation is a biotechnology company committed to
the development and commercialization of innovative therapies for the
prevention and treatment of diseases with significant unmet medical
need. To learn more about Targeted Genetics, visit its website at
www.targetedgenetics.com.
Safe Harbor Statement under the Private Securities Litigation Reform
Act of 1995:
This release contains forward-looking statements, including
statements regarding the Company's continued listing on the Nasdaq
Capital Market, the Company's ability to meet the conditions for
continued listing on the Nasdaq Stock Market, the termination of the
Company's headquarters lease and the release of obligations in
connection with such termination. 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 and cause actual results to differ
materially from those expected or implied by the forward-looking
statements. Factors that could affect actual future events or results
include, but are not limited to, the risk that the Company will be
unable to regain compliance with the Nasdaq Capital Market listing
requirements for shareholders' equity, market value of listed
securities or net income and/or the listing requirement for minimum
bid price, resulting in the inability of the Company to maintain its
listing on the Nasdaq Capital Market, and the risk that an
over-the-counter market will not trade the Company's shares if the
Nasdaq Capital Market delists the Company (which, in either case,
would impair the Company's ability to raise capital through the sale
of equity), and the risk factors described in the section entitled
"Risk Factors" in Part I, Item 1A of the Company's quarterly report
on Form 10-Q for the quarter ended June 30, 2009, filed with the
Securities and Exchange Commission. 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.
Investor and Media Contact:
Stacie D. Byars
206.660.2588
Email Contact
SOURCE: Targeted Genetics
http://www2.marketwire.com/mw/emailprcntct?id=246E5D2681FB93C4
