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Today's news alerts include: Targeted Genetics Corporation Receives Extension of Nasdaq Compliance Deadline
SEATTLE, WA, May 14, 2009 -- Targeted Genetics Corporation (NASDAQ: TGEN | Quote | Chart | News | PowerRating) announced today that the staff of the Nasdaq Stock Market (the "Staff") has granted the Company an extension of the deadline to regain compliance with Nasdaq Listing Rule 5550(b), which requires companies listed on the Nasdaq Capital Market to maintain a minimum of $2,500,000 in shareholders' equity, $35,000,000 in market value of listed securities or $500,000 in net income from continuing operations. Under the terms of the extension, the Company must complete certain transactions on or before July 22, 2009 and demonstrate compliance with Listing Rule 5550(b) prior to its next periodic filing and upon its periodic filing for the quarter ending September 30, 2009.
The Company's ability to regain compliance with Listing Rule 5550(b) depends on the results of the Company's continuing negotiations with third parties. The Company can offer no assurance that it can complete these transactions before the deadline or that it can regain or maintain compliance even if these transactions are completed. If the Company does not meet the extension requirements or regain compliance with Listing Rule 5550(b) within the required time periods, the Nasdaq staff will provide written notification that the Company's securities will be delisted. The Company may appeal the Nasdaq staff's determination to a listing qualifications panel, but there can be no assurance that the Company would be successful if it were to appeal.
About Targeted Genetics Corporation
Targeted Genetics Corporation is a biotechnology company committed to the development of innovative therapies for the prevention and treatment of diseases with significant unmet medical need. A key area of focus for Targeted Genetics is applying its proprietary Adeno-Associated Virus (AAV) technology platform to deliver genetic constructs to increase gene function or silence gene function. Targeted Genetics' lead product development efforts target ocular and neurological indications, two therapeutic areas where AAV delivery may have competitive advantages over other therapeutic modalities. To learn more about Targeted Genetics, visit its website atwww.targetedgenetics.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:
This release contains forward-looking statements, including statements regarding the Company's listing on the Nasdaq Capital Market, the Company's efforts to regain compliance with the requirements for continued listing and the process for remaining listed. 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 and cause actual results to differ materially from those expected or implied by the forward-looking statements. Factors that could affect actual future events or results include, but are not limited to, the risk that the Company will not be able to meet the requirements to regain and maintain compliance with the standards for continued listing on the Nasdaq Capital Market within the required time periods and its securities will be delisted, the risk that an over-the-counter market will not trade the Company's securities if the Nasdaq Capital Market delists the Company, and the other risk factors described in the section entitled "Risk Factors" in Part II, Item 1A of the Company's quarterly report on Form 10-Q for the period ended March 31, 2009, filed with the Securities and Exchange Commission on May 7, 2009. You should not rely unduly on these forward-looking statements, which apply only as of the date of this release. The Company undertakes no duty to publicly announce or report revisions to these statements as new information becomes available that may change the Company's expectations.
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