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Targeted Genetics Corporation Announces Plan for Next Annual Meeting

^{Published on 2010-11-18 15:05:34 - Market Wire}
 

SEATTLE--([ BUSINESS WIRE ])--Targeted Genetics Corporation, (Pink Sheets:TGEN), or the Company, today announced that it intends to hold the Companya™s next Annual Meeting of shareholders in the spring of 2011. The Company expects to announce the meeting date and record date by early 2011.

"Now that wea™ve set a path forward for the Company, through the offer to combine with Biocontrol, our attentions can be sensibly directed towards implementing these plans, communicating our progress and returning to our practice of conducting annual shareholder meetings"

In 2009 and 2010 the Company realigned its operations, executed revenue producing licensing and asset sale agreements and significantly reduced its expenses in all areas, including expenses associated with being a public company. With the increased financial stability achieved through these efforts, by early 2010 the Company turned to focus on setting a future strategic direction. As the Company considered its options, it elected to conserve monetary and management resources and to suspend Annual Meetings of Shareholders until it had decided on a path forward for the Company. aNow that wea™ve set a path forward for the Company, through the offer to combine with Biocontrol, our attentions can be sensibly directed towards implementing these plans, communicating our progress and returning to our practice of conducting annual shareholder meetings,a said Jeremy Curnock Cook, chairman of the Company.

The Company announced on November 12, 2010 that it has entered into definitive agreements related to the acquisition of Biocontrol Ltd., or Biocontrol, subject to the satisfaction of certain conditions. Under terms of the proposed business combination, the Company will issue shares of its common stock to the shareholders of Biocontrol such that after completion of the transaction Biocontrol would be a wholly owned indirect subsidiary of the Company, and Biocontrola™s former shareholders would own approximately 50% of the resulting outstanding equity securities of Targeted Genetics. Upon completion of the transaction, the combined company intends to develop the Biocontrol science and programs and capitalize on Targeted Geneticsa™ AAV assets.

Notes to Editors

About Targeted Genetics Corporation

Targeted Genetics Corporation is a biotechnology company committed to the development and commercialization of innovative therapies for the prevention and treatment of diseases with significant unmet medical need. To learn more about Targeted Genetics, visit Targeted Geneticsa™ website at [ http://www.targetedgenetics.com ].

CERTAIN FORWARD-LOOKING STATEMENTS AND FACTORS THAT MAY AFFECT FUTURE RESULTS

This press release contains certain forward-looking statements concerning the Companya™s business plans. These forward-looking statements involve significant risks and uncertainties. Although the Company believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, readers are cautioned that the Company can provide no assurances that such expectations will prove correct and that actual results and developments may differ materially from those conveyed in such forward-looking statements. Factors that could cause actual results to differ materially from the expectations reflected in the forward-looking statements in this press release include, but are not limited to, the risks that Biocontrol may not obtain sufficient acceptance of the Companya™s offer, the risks that a condition to closing of the combination with Biocontrol may not be satisfied, of litigation related to the merger of the Company with Biocontrol, of the Companya™s or Biocontrola™s inability to resolve litigation related to the merger, that the combination will not be consummated within a reasonable period of time (or at all),the risk that the combined Company's current financial resources and future financial resources (if any) will be insufficient to enable the Company to fund continuing operations, the risk that the combined Company will run out of cash earlier than expected, the risks that the combined Companya™s and its collaboratorsa™ product development efforts will be unsuccessful, and the risks of accomplishing the combined Companya™s business plan. In addition, the Company has deregistered its common stock and is no longer subject to certain periodic financial reporting obligations with the Securities and Exchange Commission. Accordingly, the financial data available to the public in respect to the Company are dated, the Company is under no current obligation to update such data, and such data cannot be relied upon to accurately reflect the Companya™s current or future financial condition or results of operations.