Full Press Release Details
Director, Communications
Targeted Genetics Corporation
TARGETED GENETICS ANNOUNCES $5.0 MILLION PUBLIC
OFFERING OF COMMON STOCK
Seattle, WA March 10, 2006 Targeted
Genetics Corporation (Nasdaq: TGEN), today announced that it
has obtained agreements from select institutional investors to
purchase 12,791,611 shares of its
common stock at a price of $0.39 per share in a registered
direct offering. The closing of the
offering is expected to take place on March 10, 2006, subject
to satisfaction of customary closing
The shares were offered through a prospectus supplement under the Company s shelf registration
statement previously filed with the Securities and Exchange Commission, which was declared
effective on July 7, 2004.
If the closing occurs as expected, the gross proceeds would be $4,988,728. The Company estimates
net proceeds from the financing to be approximately $4.8 million after deducting the estimated
costs associated with the offering. The Company plans to use the net proceeds of this financing
for working capital and other general corporate purposes.
This press release shall not constitute an offer to sell nor the solicitation of an offer to buy,
nor shall there be any sales of these securities in any jurisdiction in which such an offer,
solicitation or sale would be unlawful prior to registration or qualification under the securities
laws of any such jurisdiction.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:
This release contains forward-looking statements regarding the amount of proceeds expected to be
received from the offering, the expected timing of the closing of the offering, Targeted Genetics
expected use of these proceeds 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 the
offering is not consummated, 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 the section entitled Factors Affecting Our Operating Results, Our Business and Our
Stock Price in Targeted Genetics quarterly report on
Form 10-Q for the quarter ended September 30, 2005. 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