Full Press Release Details
Genetics Corporation
GENETICS COMPLETES $19.5 MILLION
Targeted Genetics Corporation (NASDAQ: TGEN) today announced the completion
its private equity offering of 6.7 million shares of its common stock at a
purchase price of $2.905 per share, together with warrants to purchase up to
aggregate of 6.7 million shares of common stock, subject to adjustment pursuant
to the terms of the warrants, at a price of $3.25 per share of common stock.
gross proceeds from this financing were $19.5 million, with net proceeds from
the financing of approximately $17.8 million after deducting the estimated
associated with the transaction.
investor in the financing was Special Situations Fund, through their Special
Situations Life Sciences Fund and their Special Situations Fund III. Other
investors included Fort Mason Partners, LP and Heights Capital Management,
Rodman and Renshaw, LLC acted as the lead placement agent for the
financing was completed with high-quality institutional investors and puts
a healthier financial position to advance our clinical programs and pursue
business development opportunities," said H. Stewart Parker, President and
of Targeted Genetics. "Our near-term milestones that we expect to achieve
include: reporting additional Phase I/II clinical data in inflammatory arthritis
and initiating the next clinical phase in this program; presenting data from
Phase II HIV/AIDS vaccine clinical program partnered with the International
Vaccine Initiative; providing data from our Phase I clinical program for
congestive heart failure, partnered with Celladon Corporation; and leveraging
our patents related to expressed RNAi to capitalize on RNAi therapeutic
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
to deliver genes that encode proteins to increase gene function or RNAi to
decrease or silence gene function. Targeted Genetics' current 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 the
proceeds from the offering, Targeted Genetics' plans, objectives, intentions and
expectations, 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 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 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 expectations.