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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): May 20, 1998
TARGETED GENETICS CORPORATION
(Exact name of registrant as specified in charter)
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WASHINGTON 0-23930 91-1549568
(State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification No.)
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1100 OLIVE WAY, SUITE 100
SEATTLE, WASHINGTON 98101
(Address of principal executive offices) (Zip Code)
(206) 623-7612
(Registrant's telephone number, including area code)
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ITEM 5. OTHER EVENTS
The Company filed its Condensed Balance Sheet as of March 31, 1998 with the
Securities and Exchange Commission on its Form 10-Q for the quarter ended March
31, 1998. On April 17, 1998, in a private placement to accredited investors, the
Company sold 8,666,667 shares of common stock for an aggregate offering price of
$13,000,000, significantly increasing its assets. The Company's Condensed
Balance Sheet as of April 30, 1998, reflects the results of the private
placement and is attached hereto as Exhibit 99.1.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(c) Exhibits.
EXHIBIT NO. DESCRIPTION
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99.1 Company's Condensed Balance Sheet at April 30, 1998 and
December 31, 1997
2
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the registrant has duly caused this report to be signed on its behalf
by the undersigned, hereunto duly authorized.
TARGETED GENETICS CORPORATION
By: /s/ James A. Johnson
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James A. Johnson
Chief Financial Officer
(Authorized Officer and Principal
Financial Officer)
Dated: May 20, 1998
3
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EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION
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99.1 Company's Condensed Balance Sheet at April 30, 1998 and
December 31, 1997
4
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EXHIBIT 99.1
TARGETED GENETICS CORPORATION
(A DEVELOPMENT STAGE COMPANY)
CONDENSED BALANCE SHEETS
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April 30, December 31,
1998 1997
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(Unaudited)
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ASSETS
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Current assets:
Cash and cash equivalents $ 3,009,600 $ 1,011,845
Securities available for sale 10,506,669 4,025,976
Prepaid expenses and other 205,145 248,278
----------------- ----------------
Total current assets 13,721,414 5,286,099
Property, plant and equipment, net 3,976,835 3,927,533
Other assets 508,297 553,452
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$ 18,206,546 $ 9,767,084
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LIABILITIES AND SHAREHOLDERS' EQUITY
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Current liabilities:
Accounts payable $ 1,710,677 $ 1,352,297
Accrued payroll and other liabilities 282,311 275,876
Current portion of long-term obligations 1,168,410 1,030,562
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Total current liabilities 3,161,398 2,658,735
Long-term obligations 1,532,318 1,516,762
Shareholders' equity:
Preferred stock 0 0
Common stock (28,883,381 and 20,211,114 shares
outstanding at April 30, 1998 and December 31,
1997, respectively) 86,154,101 73,401,141
Deficit accumulated during development stage (72,635,349) (67,782,204)
Accumulated other comprehensive income (5,922) (27,350)
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Total shareholders' equity 13,512,830 5,591,587
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$ 18,206,546 $ 9,767,084
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