Full Press Release Details
Genetics Corporation
GENETICS COMPLETES $8.7 MILLION IN PRIVATE EQUITY FINANCING
11, 2007 - Targeted Genetics Corporation (Nasdaq: TGEN) today announced the
completion of its private equity offering of 2.18 million shares of Targeted
Genetics' common stock, together with warrants to purchase up to an aggregate
763,000 shares of Targeted Genetics common stock, subject to adjustment pursuant
to the terms of the warrants, at a price of $4.00 per share of common stock.
warrants issued in the transaction will be exercisable at $5.41 per share,
closing price of Targeted Genetics common stock on the NASDAQ Capital Market
January 5, 2007, the trading day immediately prior to Targeted Genetics entering
into the binding agreement to sell the securities. The gross proceeds from
financing were $8.72 million, with net proceeds from the financing of
approximately $8.1 million after deducting the estimated costs associated with
investor in the financing was Special Situations Fund, through their Special
Situations Life Sciences Fund and their Special Situations Fund III. Other
investors included Greenway Capital. Pacific Growth Equities, LLC acted as
exclusive placement agent for the financing.
pleased to have completed this financing with a number of high-quality
institutional investors. Combined with revenue from our current partners and
contracts, we believe that this boost in funding provides us the resources
needed to pursue a number of important clinical and business development
milestones during the year," said H. Stewart Parker, President and CEO of
Targeted Genetics. "These milestones include:
Genetics Corporation is a biotechnology company committed to the development
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 gene coding proteins to increase gene function, as well as RNAi
decrease or silence gene function. Targeted Genetics' product development
efforts target inflammatory arthritis, AIDS prophylaxis, congestive heart
failure and Huntington's disease. To learn more about Targeted Genetics, visit
Targeted Genetics' website at www.targetedgenetics.com.
Harbor Statement under the Private Securities Litigation Reform Act of
release contains forward-looking statements regarding expected use of these
proceeds, Targeted Genetics business strategy, Targeted Genetics' product
development and clinical trials, Targeted Genetics liquidity, revenues from
partners and contracts, and ability to meet its ongoing financial obligations
and other statements about Targeted Genetics' plans, objectives, intentions
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 Targeted
Genetics' actual results include, but are not limited to, the risk that Targeted
Genetics' revenues or expense do not meet its current expectations, that its
clinical trials and product development do not proceed as expected, the
possibility that Targeted Genetics decides to use the proceeds from the offering
for purposes other than those described above, as well as other risk factors
described in "Part I, Item 1A. Risk Factors" in Targeted Genetics' most recent
annual report on Form 10-K or "Part II, Item 1A. Risk Factors" in Targeted
Genetics' most recent quarterly report on Form 10-Q 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. Targeted Genetics
undertakes no duty to publicly announce or report revisions to these statements
as new information becomes available that may change its