The bad news keeps piling up for Targeted Genetics, the struggling Seattle biotech that's on the brink of closing its doors. Today, the company received a letter from the Nasdaq indicating that the stock will be removed from the National Capital Market on August.
Targeted Genetics -- which posted a negative net worth last year tied to $7.6 million restructuring charges -- plans to appeal and is requesting a hearing on the matter. The Nasdaq notification follows a series of bad news at the company, which has said it could run out of cash in August.
Last week, the company set in motion a plan to terminate its lease at its 38,000 square foot headquarters in Seattle.
"We expect our facility requirements to be significantly reduced compared to our requirements for supporting past activities, and we consider it important to have the option to scale down our facility utilization and obligations in alignment with our smaller business structure," Chief Executive B.G. Susan Robinson said at the time.
That followed the termination of a lease at a Bothell manufacturing facility.
Meanwhile, the company -- whose stock fell another 20 percent today -- has reduced staffing levels from 70 to 15 people over the past nine months.
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