Targeted Genetics warned last week that it will begin shutting down its operations if it is unable to secure additional funding during the second quarter.

"If we are not successful in extending our cash horizon by the end of June 2009, we plan to begin the process of ceasing operations, seeking bankruptcy protection, or otherwise winding up our business," President and CEO Susan Robinson said during the firm's first-quarter conference call.

As of March 31, Targeted Genetics had cash and cash equivalents totaling $3.9 million.

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