Targeted Genetics Corporation Receives Delisting Determination
SEATTLE, Jan 20, 2010 (BUSINESS WIRE) -- Targeted Genetics Corporation (NASDAQ:TGEN) (the "Company") today announced that it has received a written notice from the staff of The NASDAQ Stock Market ("NASDAQ") informing the Company that trading of the Company's common stock would be suspended prior to the open of business on Thursday, January 21, 2010, and that NASDAQ would initiate procedures to delist the Company's common stock. The Company had notified NASDAQ on January 13, 2010 of its decision not to pursue a reverse stock split as a means to regain compliance with the $1.00 share price required for continued listing under Listing Rule 5550(a)(2). The Company does not intend to appeal NASDAQ's determination.
As previously announced, following the delisting of the Company's common stock, the Company anticipates that its common stock will be quoted on the Pink Sheets, a centralized electronic quotation service for over-the-counter securities. However, the Company can give no assurance that trading in its stock will continue on the Pink Sheets or on any other securities exchange or quotation medium.
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 its website at www.targetedgenetics.com.
CERTAIN FORWARD-LOOKING STATEMENTS AND FACTORS THAT MAY AFFECT FUTURE RESULTS
This press release contains or may contain certain forward-looking statements concerning the Company's status as a listed company on NASDAQ and a reporting company under the Exchange Act and the rules and regulations promulgated thereunder, financial position, results of operations, cash flows, business strategy, budgets, projected costs and plans and objectives of management for future operations as well as other statements including words such as "anticipate," "believe," "plan," "estimate," "expect," "intend," and other similar expressions. 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 no assurance can be given 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, actions taken by NASDAQ regarding our stock listing, actions taken by holders of our common stock in response to this announcement and the anticipated filing of the Form 25 and Form 15, the willingness of market makers to trade the Company's common stock on the Pink Sheets and actions taken by the SEC in response to the anticipated filing of the Form 25 and the Form 15, as well as those factors described in the Company's filings with the SEC, press releases and other communications.