Targeted Genetics Closes $13M Private Placement

SEATTLE, Wash.--Targeted Genetics here, a developer of gene and cell therapy products for the treatment of certain acquired and inherited diseases, announced the closing of a $13 million private placement of common stock and warrants with a group of four institutional investors. The investor group, led by GeneChem Technologies Venture Fund, a Canadian-based investment fund, purchased 8.7 million shares of common stock at $1.50 per share. Other new investors were Equitable Life Assurance of the UK, and Societe Financiere d'Innovation of Quebec.