Targeted Genetics Cuts 7 Jobs, Lowers Executive Pay

Xconomy Seattle — 

Targeted Genetics, a Seattle biotech company, said today it is cutting payroll costs by 25 percent, and other costs by 15 percent. The company said it is eliminating seven jobs, and deferring salary or switching some of its seven most senior executives to half-time work to achieve the cost savings. Targeted Genetics (NASDAQ: TGEN) had 73 employees at the beginning of the year, and now has 56 full-time employees after the cuts. Susan Robinson, who replaced H. Stewart Parker as CEO last month, said the company will now focus its resources on eye diseases and neurological conditions with its remaining cash. It has enough money to operate into the first quarter of 2009.

To read about more layoffs at Seattle-area technology and life sciences companies, check out our updated layoff tracker here.