Targeted Genetics gets $7 million milestone under deal with Genzyme, and another from AMT

11 February 2010

Targeted Genetics says that it has completed the technology transfer portion of the September 2009 asset sale transaction executed with fellow US biotechnology firm Genzyme and has received the full $7.0 million provided for in the agreement.

As previously announced, Targeted Genetics received $3.5 million from Genzyme at the closing of the transaction and was eligible to receive up to an additional $3.5 million upon the achievement of seven technology transfer milestones. The company completed all seven technology transfer milestones and received aggregate payments from Genzyme of $2.5 million in the fourth quarter of 2009 and $1.0 million in the first quarter of 2010 for a total of $3.5 million.

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