Targeted Genetics Corporation Completes Acquisition of Biocontrol Limited

13-Jan-2011 - USA

Targeted Genetics Corporation announced the completion of the acquisition of Biocontrol Limited. In line with the terms of the acquisition, Targeted Genetics will issue 22,586,073 shares of its common stock to the former shareholders of Biocontrol, with the result being that Biocontrol’s former shareholders will own approximately 50% of the outstanding equity securities of Targeted Genetics.  As a condition to closing the acquisition, Biocontrol raised approximately £200,000 (USD 310,000) in working capital for use by Targeted Genetics.  The rationale for the combination of the two companies is the development of Biocontrol’s science and programs and the capitalization of Targeted Genetics’ gene therapy assets.

The Board of Directors of Targeted Genetics will comprise:

- Jeremy Curnock Cook - Mr. Curnock Cook is the current Chairman of Targeted Genetics and will continue to serve as Chairman after this transaction;

-  Caroline Williams - Dr. Williams is the current Executive Chairman of Biocontrol and will serve as non-executive Deputy Chairman of Targeted Genetics;

- Edward C. Cappabianca - Mr. Cappabianca is the current Chief Executive Officer of Biocontrol and will serve as the Chief Executive Officer of Targeted Genetics;  and

-  Dr. Michael S. Perry - Dr. Perry is a current independent director of Targeted Genetics and will continue to serve as an independent director after this transaction.

In addition to Mr. Cappabianca, management of Targeted Genetics will also include:

-  Dr. David Harper - Dr. Harper is the Chief Scientific Officer and founder of Biocontrol and will serve as of Chief Scientific Officer of Targeted Genetics;

-  David Poston - Mr. Poston is the current Chief Financial Officer of Targeted Genetics and will continue as Chief Financial Officer ; and

-  Susan Robinson - Ms. Robinson has resigned as President and Chief Executive Officer of Targeted Genetics in connection with this transaction and is expected to serve in an advisory capacity going forward.

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