Targeted Genetics does more cost-cutting

The struggling Targeted Genetics has decided to cut the lease at its Seattle headquarters to save funds. The company says it only has enough cash to continue operations into August. Its lease has been reduced to August and the biotech may terminate the lease at that time.

Less than a year ago Targeted Genetics employed a full-time staff of 70; that number has dropped to just 15 as the drugmaker struggles to stay afloat. Plagued by the inability to raise capital, the company says it only has enough cash to survive until August. Targeted Genetics will close up shop at its headquarters in Seattle if it's unable to find a source of funding by the end of next month.

- here's the report