April 19, 2010 (FinancialWire) — Targeted Genetics Corp. (OTC: TGEN) said that three of its outside board members, Dr. Joseph M. Davie, Ph.D., M.D., Roger J. Hawley and Dr. Nelson L. Levy, Ph.D., M.D., have stepped down from their positions as directors of the company, effective April 13.

According to the company, the departures are not the result of any disagreement or dispute, but, rather, are voluntary and intended solely as a means to resize the board to be more in line with the company’s current activities and cost structure.

Targeted has reported reductions in its operating expenses over the past several quarters, including significant reductions in headcount. In addition, earlier this year the company delisted from NASDAQ and is no longer a SEC registrant. Going forward, Jeremy L. Curnock Cook and Michael S. Perry will remain as outside directors and B.G. Susan Robinson, president and CEO of the company, will continue as a director.

Washington-based Targeted Genetics is a biotechnology company focused on the development and commercialization of therapies for the prevention and treatment of diseases with significant unmet medical need.

The company said it currently expects that data on a phase I/II heart failure trial sponsored by its partner, Celladon, to be released at mid-2010 and anticipates its collaborator’s trial in the degenerative eye disease, Leber’s Congenital Amaurosis, to be fully enrolled by year end.

In addition, Targeted has a licensing relationship with Amsterdam Molecular Therapeutics through which it said it could receive future product development milestones and a royalty on product sales if AMT’s January 2010 application to market its Glybera product receives approval from the European regulatory authorities and if AMT is successful in commercializing Glybera.

The company said it believes it has sufficient resources to continue its currently planned operations into 2011.

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