Targeted Genetics' net loss improves, company on track to meet full-year operating forecast

By Lisa Kerner

Charlotte, N.C., Nov. 8 - Targeted Genetics Corp. reported a net loss of $3.2 million, or $0.32 per share, for the third quarter of 2006, an improvement from the net loss of $5.7 million, or $0.66 per share, reported for the same period in 2005.

Revenue for the three months ended Sept. 30 rose slightly to $2.0 million, from $1.5 million for the third quarter of 2005.

The company said total operating expenses for the quarter decreased to $5.2 million, from $7.3 million for the prior-year period.

For the third-quarter, research and development expenses declined to $3.1 million, from $4.7 million for the year-ago quarter.

Targeted Genetics' results for the nine months ended Sept. 30 included revenue of $5.9 million, operating expenses that almost doubled from the prior-year period to $40.8 million and research and development costs of $10.5 million.

As of Sept. 30, Targeted Genetics had $9.3 million in cash and cash equivalents, compared with $14.1 million at Dec. 31, 2005.

"During 2006, we raised $4.8 million net proceeds from the sale of common shares and used $9.5 million to fund operations, net of funding from our partnered programs. Given our careful use of cash and balance of resources, we are on track to meet our full-year 2006 operating forecast in the range of $13 [million] to $16 million," chief financial officer David J. Poston said in a company news release.

Targeted Genetics is a Seattle-based biotechnology company.

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