Targeted Genetics Announces Strategic Restructuring to Reduce Expenses and Advance Lead Inflammatory Arthritis Product Candidate
25 1월 2006 - 6:30AM
Business Wire
Targeted Genetics Corporation (Nasdaq:TGEN) announced today the
restructuring of its operations to reduce expenses and realign
resources to advance its lead product candidate, tgAAC94, through
clinical trials as quickly as possible. tgAAC94 is the Company's
anti tumor necrosis factor alpha (TNF-a), product candidate for the
treatment of inflammatory arthritis. Going forward, the company is
deploying the majority of its resources to identify the clinical
utility of tgAAC94 and will also continue to utilize its
development and manufacturing capabilities in moving its
collaborations forward. As part of this restructuring, Targeted
Genetics reduced its workforce by approximately 27% or 26
employees, primarily in early-stage research and development groups
and in operations and general and administrative functions. "The
decision to restructure the company has been extremely difficult
for everyone involved. We sincerely appreciate the contributions
from all of our employees and are providing outplacement services
to those affected by this realignment," said H. Stewart Parker,
President and CEO of Targeted Genetics. "As a result of this
restructuring, we anticipate our cash burn for 2006 to be at least
20% to 25% less than 2005 results, giving us a better opportunity
to achieve our goals for 2006 and position the company for the
future." Targeted Genetics' key goals for 2006 are as follows: --
Report preliminary tgAAC94 Phase I data in patients with
inflammatory arthritis; -- Complete follow-up and present
preliminary data of HIV/AIDS Vaccine Phase I European "boost" and
India trials; -- Complete enrollment of South African HIV/AIDS
Vaccine Phase II Study; -- Initiate Phase I clinical study in
Congestive Heart Failure; -- Seek additional strategic
collaborations; and -- Secure additional funding. "We believe that
our targeted, localized approach to treating inflammatory disease
has significant clinical and commercial potential, and these
changes give us more time and resources necessary to implement the
tgAAC94 clinical studies and strategic initiatives aimed at moving
us closer to commercialization," adds Parker. Anti-TNF-a therapies
are now widely used in the treatment of inflammatory arthritis.
However, a large percentage of patients being treated with systemic
anti-TNF-a therapies do not fully respond. Targeted Genetics has
gathered initial positive data pertaining to the safety of
intra-articular delivery of tgAAC94, and clinical trials are
ongoing, targeting those patients who are on concurrent systemic
anti-TNF protein therapies, but still have residual disease in one
or several affected joints. Targeted Genetics plans to release its
financial results for the fourth quarter and year-ended 2005 before
the open of the Nasdaq National Market System on Wednesday, March
1, 2006. Management will host a conference call with investors and
financial analysts to discuss these results and to provide an
update to its product development initiatives at 10:30 a.m. Eastern
Time (7:30 a.m. Pacific Time). About Targeted Genetics Targeted
Genetics Corporation is a biotechnology company committed to the
development and commercialization of innovative targeted molecular
therapies for the prevention and treatment of inflammatory
arthritis, HIV/AIDS and other acquired and inherited diseases with
significant unmet medical need. Targeted Genetics uses its
considerable knowledge and capabilities in the development and
manufacturing of gene delivery technologies to advance a diverse
product development pipeline. Its product development efforts
target inflammatory arthritis, HIV/AIDS, congestive heart failure,
Huntington's disease, and hyperlipidemia. To learn more about
Targeted Genetics, visit its website at www.targetedgenetics.com.
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995: This release contains forward-looking
statements regarding our business strategy, our cash resources and
future financial condition, our ability to obtain additional
funding or enter into additional strategic collaborations, our
product development, our clinical trials, our personnel and other
statements about our plans, objectives, intentions and
expectations. In particular, the statements regarding the Company's
future plans are forward-looking statements. 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
our actual results include, but are not limited to, our ability to
obtain additional funding or enter into additional strategic
collaborations, our ability to attract and retain qualified
personnel, the timing, nature and results of our clinical trials,
potential development of alternative technologies or more effective
products by competitors, our ability to obtain and maintain
regulatory or institutional approvals, our ability to obtain,
maintain and protect our intellectual property and our ability to
raise capital when needed, as well as other risk factors described
in the section entitled "Factors Affecting Our Operating Results,
Our Business and Our Stock Price" in our Quarterly Report on Form
10-Q for the period ended September 30, 2005. You should not rely
unduly on these forward-looking statements, which apply only as of
the date of this release. We undertake no duty to publicly announce
or report revisions to these statements as new information becomes
available that may change our expectations.
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