Seattle-based Targeted Genetics has survived a near death experience, selling intellectual property to Genzyme in exchange for $7 million--enough cash to fund its operations through next year.
Xconomy outlines the details of the deal, which includes an immediate payment of $3.5 million with the remainder due after the gene therapy company is finished handing over the IP to Genzyme's Southern California operations in San Diego. That money was crucial for the developer, which had been running out of cash. "We're back from the brink," says Targeted Genetics CEO Susan Robinson.
Over the past 17 years Targeted Genetics has spent $315 million in pursuit of new gene therapies, writes Luke Timmerman, without curing anything. But with a new lease on life, hope springs eternal. New trial results from its blindness therapy are expected and Targeted Genetics has other treatments in the pipeline as well.
- here's the Targeted release
- read the report from Xconomy