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news.Targeted Genetics Corporation has cut a quarter of its workforce in order to reduce expenses and realign its resources to advance its lead product candidate for the treatment of inflammatory arthritis, tgAAC94, through clinical trials as quickly as possible.
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The company says that it is deploying the majority of its resources to identify the clinical utility of tgAAC94 and will also continue to utilize its development and manufacturing capabilities in moving its collaborations forward.
The 26 employee reduction in the workforce is primarily in early-stage R&D groups and in operations and general and administrative functions.
“As a result of this restructuring, we anticipate our cash burn for 2006 to be at least 20% to 25% less than 2005 results, giving us a better opportunity to achieve our goals for 2006 and position the company for the future,” said H Stewart Parker, president and CEO of Targeted Genetics.