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Biotech / Medical : TGEN - Targeted Genetics Corporation -- Ignore unavailable to you. Want to Upgrade?

To: Mike McFarland who wrote (373)	10/8/2002 4:44:33 PM
From: nigel bates	Read Replies (1) \| Respond to of 557

SEATTLE, Oct. 8 /PRNewswire-FirstCall/ -- Targeted Genetics Corporation (Nasdaq: TGEN - News) today announced that it has received $4 million from the issuance of common stock to Biogen, Inc. (Nasdaq: BGEN - News). Targeted Genetics and Biogen established a research and development collaboration in September 2000, under which Targeted Genetics was given the option to sell, at its discretion, up to $10 million of its common stock to Biogen under an equity purchase commitment. The Company issued 5,804,673 shares of common stock under this option at a price of approximately $0.69 per share. The research and development collaboration with Biogen is to develop up to four gene therapy products. Two of the research programs have been identified as an infectious disease and a genetic disorder. "We have been pleased with the collaboration formed between Targeted Genetics and Biogen in working toward a further understanding of viral gene delivery technology. We will utilize the funding announced today to continue to support general company operations and thank Biogen for their ongoing commitment to this partnership," said H. Stewart Parker, President and Chief Executive Officer of Targeted Genetics Corporation. The $6 million remaining under this equity purchase commitment, which expires in August 2003, is not currently accessible by the Company because the agreement provides that Biogen is not required to purchase shares of stock to the extent the purchase would result in Biogen's ownership interest in Targeted Genetics exceeding 19.9%. Biogen's ownership interest following the purchase amount announced today approximates this limitation...