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Target Genetics to Cut About 30 Staffers as It Continues Searching for Cash

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Targeted Genetics this week said that a series of cost-cutting moves, including wide-ranging layoffs, will allow it to continue operations into August as it continues to seek desperately needed financing.

Previously, the company said it would run out of resources by the end of June if it did not find additional funding (see RNAi News, 5/14/2009).

According to Targeted Genetics, it has decided to meet its manufacturing obligations by using contract manufacturing organizations, allowing it to reduce its headcount from approximately 46 employees to between 10 and 15 full-time equivalent staffers.

"As a result of anticipated cost savings resulting from these initiatives and additional expense reductions … the company believes its current financial resources and the cash it expects to receive from its collaborative partners will be adequate to fund its operations into August 2009," it said.

Meanwhile, the search continues for new funding through strategic transactions, licensing or selling of technology, product-development collaborations, or stock sales, it noted.

As previously announced, if Targeted Genetics is "not successful in raising additional funding sufficient to support ongoing operations, it will wind down its business or otherwise cease its operations," it added.

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