-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 KK7tqvphsOX6+gYelmeSBZL/bBW0tW2S28YFIFFxpxokx5S4iPfjNdLJQs1Vg399
 EVSNreFdBeZwXFUW7mRDhA==

<SEC-DOCUMENT>0000912282-04-000344.txt : 20040624
<SEC-HEADER>0000912282-04-000344.hdr.sgml : 20040624
<ACCEPTANCE-DATETIME>20040623210748
ACCESSION NUMBER:		0000912282-04-000344
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20040622
ITEM INFORMATION:		Other events
ITEM INFORMATION:		Financial statements and exhibits
ITEM INFORMATION:		Regulation FD Disclosure
FILED AS OF DATE:		20040624

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TARGETED GENETICS CORP /WA/
		CENTRAL INDEX KEY:			0000921114
		STANDARD INDUSTRIAL CLASSIFICATION:	BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
		IRS NUMBER:				911549568
		STATE OF INCORPORATION:			WA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-23930
		FILM NUMBER:		04878234

	BUSINESS ADDRESS:	
		STREET 1:		1100 OLIVE WAY
		STREET 2:		STE 100
		CITY:			SEATTLE
		STATE:			WA
		ZIP:			98101
		BUSINESS PHONE:		2066237612

	MAIL ADDRESS:	
		STREET 1:		1100 OLIVE WAY
		STREET 2:		STE 100
		CITY:			SEATTLE
		STATE:			WA
		ZIP:			98101
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>targen8k_062304.htm
<DESCRIPTION>ITEMS 5, 7, 9
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>

<P align=center><FONT face="times new roman" size=4><B>
UNITED STATES <BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549<BR>
_______________<BR>
<BR>
FORM 8-K<BR>
<BR>
CURRENT REPORT</B></FONT>
<BR>
<BR>
<FONT size=3>Pursuant to Section 13 or 15(d) of the <BR>
Securities Exchange Act of 1934<BR>
<BR>
Date of Report (Date of earliest event reported):&nbsp;<U>June 22, 2004</U>
<BR>_______________
<BR></FONT>
<BR><B><FONT size=6>Targeted Genetics Corporation</FONT></B>
<BR><B><FONT size=2>(Exact name of registrant as specified in charter)</FONT></B><BR>
<BR>
</P>

<CENTER>
<TABLE cellSpacing=0 cellPadding=0 width=550 border=0>
<TR>
<TD vAlign=top width="31%"><P align=center>Washington</P></TD>
<TD vAlign=top width="2%"></TD>
<TD vAlign=top width="36%"><P align=center>0-23930</P></TD>
<TD vAlign=top width="2%"></TD>
<TD vAlign=top width="29%"><P align=center>91-1549568</P></TD>
</TR>
<TR>
<TD vAlign=top width="31%"><HR width="100%" SIZE=1></TD>
<TD vAlign=top width="2%"></TD>
<TD vAlign=top width="36%"><HR width="100%" SIZE=1></TD>
<TD vAlign=top width="2%"></TD>
<TD vAlign=top width="29%"><HR width="100%" SIZE=1></TD>
</TR>

<TR>
<TD vAlign=top align="center" width="31%"><FONT size=2>(State or other
jurisdiction<BR>
of incorporation)</FONT></TD>
<TD vAlign=top width="2%"></TD>
<TD vAlign=top align="center" width="36%"><FONT size=2>(Commission<BR>
File Number)</FONT></TD>
<TD vAlign=top width="2%"></TD>
<TD vAlign=top align="center" width="29%"><FONT size=2>(IRS Employer<BR>
Identification No.)</FONT></TD>
</TR>
<TR>
<TD vAlign=top width="31%"></TD>
<TD vAlign=top width="2%"></TD>
<TD vAlign=top width="36%"></TD>
<TD vAlign=top width="2%"></TD>
<TD vAlign=top width="29%"></TD>
</TR>
<TR>
<TD vAlign=top width="31%"></TD>
<TD vAlign=top width="2%"></TD>
<TD vAlign=top width="36%"><BR></TD>
<TD vAlign=top width="2%"></TD>
<TD vAlign=top width="29%"></TD>
</TR>
<TR>
<TD vAlign=top width="31%"></TD>
<TD vAlign=top width="2%"></TD>
<TD vAlign=top width="36%"><P align=center>1100 Olive Way, Suite 100<BR>
Seattle, Washington<BR>
98101</P></TD>
<TD vAlign=top width="2%"></TD>
<TD vAlign=top width="29%"></TD>
</TR>
<TR>
<TD vAlign=top width="31%"></TD>
<TD vAlign=top width="2%"></TD>
<TD vAlign=top width="36%"><HR width="100%" SIZE=1></TD>
<TD vAlign=top width="2%"></TD>
<TD vAlign=top width="29%"></TD>
</TR>
<TR>
<TD vAlign=top width="31%"></TD>
<TD vAlign=top width="2%"></TD>
<TD vAlign=top align="center" width="36%"><FONT size=2>(Address of principal
executive offices and Zip Code)</FONT></TD>
<TD vAlign=top width="2%"></TD>
<TD vAlign=top width="29%"></TD>
</TR>
<TR>

<TD vAlign=top width="31%"></TD>
<TD vAlign=top width="2%"></TD>
<TD vAlign=top width="36%"><BR></TD>
<TD vAlign=top width="2%"></TD>
<TD vAlign=top width="29%"></TD>
</TR>
<TR>
<TD vAlign=top colSpan=5 align="center"><FONT size=2>(206)&nbsp;623-7612</FONT></TD>
</TR>
<TR>
<TD vAlign=top width="31%"></TD>
<TD vAlign=top width="2%"></TD>
<TD vAlign=top width="36%"><HR width="100%" SIZE=1></TD>
<TD vAlign=top width="2%"></TD>
<TD vAlign=top width="29%"></TD>
</TR>

<TR>
<TD vAlign=top width="31%"></TD>
<TD vAlign=top width="2%"></TD>
<TD vAlign=top align="center" width="36%"><FONT size=2>(Registrant's telephone
number, including area code)</FONT></TD>
<TD vAlign=top width="2%"></TD>
<TD vAlign=top width="29%"></TD>
</TR>

<TR>
<TD vAlign=top align="center" colSpan=5><FONT size=2>&nbsp;</FONT></TD>
</TR>
<TR>
<TD vAlign=top align="center" colSpan=5><FONT size=2>&nbsp;</FONT></TD>
</TR>

<TR>
<TD vAlign=top align="center" colSpan=5><FONT size=2>Not Applicable<BR>
(Former name or former address, if changed since
last report)</FONT></TD>
</TR>
</TABLE>
</CENTER>
<BR><BR>






<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 4; page: 4" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>

<BR><BR>





<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->
<A NAME=A001></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 5. Other Events and
Regulation FD Disclosure. </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
June 23, 2004, Targeted Genetics Corporation issued a press release announcing the interim
results of its Phase IIb study on its treatment for Cystic Fibrosis. A copy of the press
release is furnished as Exhibit 99.1 and is incorporated into this current report by
reference. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->
<A NAME=A002></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item&nbsp;7. Exhibits. </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          Financial
statements of business acquired.  </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Level 1" FSL="Default" -->
<A NAME=A003></A>
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not
applicable.  </FONT>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          Pro
forma financial information.  </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Level 1" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not
applicable.  </FONT>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          Exhibits.  </FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=600>
<TR VALIGN=Bottom>
     <TH COLSPAN=2></TH>
     <TH COLSPAN=2></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=13% ALIGN=LEFT></TD>
     <TD WIDTH=3% ALIGN=LEFT><FONT SIZE="2">&nbsp; </FONT></TD>
     <TD WIDTH=82% ALIGN=LEFT><FONT SIZE="2">&nbsp; </FONT></TD>
     <TD WIDTH=2% ALIGN=LEFT><FONT SIZE="2">&nbsp; </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=Center><FONT SIZE="2">Exhibit </FONT></TD><TD ALIGN=LEFT><FONT SIZE="2">&nbsp; </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=Center><FONT SIZE="2"><U>No.</U> </FONT> </TD><TD ALIGN=LEFT><FONT SIZE="2">&nbsp; </FONT></TD>
     <TD ALIGN=Center><FONT SIZE="2"><U>Description</U> </FONT> </TD><TD ALIGN=LEFT><FONT SIZE="2">&nbsp; </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE="2">99.1 </FONT></TD><TD ALIGN=LEFT><FONT SIZE="2">&nbsp; </FONT></TD>
     <TD ALIGN=LEFT><FONT SIZE="2">Press Release of Targeted Genetics Corporation dated June 23, 2004 </FONT></TD><TD ALIGN=LEFT><FONT SIZE="2">&nbsp; </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE="2">99.2 </FONT></TD><TD ALIGN=LEFT><FONT SIZE="2">&nbsp; </FONT></TD>
     <TD ALIGN=LEFT><FONT SIZE="2">Press Release of Targeted Genetics Corporation dated June 22, 2004 </FONT></TD><TD ALIGN=LEFT><FONT SIZE="2">&nbsp; </FONT></TD></TR>
</TABLE>


<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->
<A NAME=A007></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 9. Regulation FD
Disclosure </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
June 22, 2004, Targeted Genetics Corporation issued a press release announcing the sale of
CellExSys, Inc., its majority-owned subsidiary, to Chromos Molecular Systems, Inc. A copy
of the press release is furnished as Exhibit 99.2 and is incorporated into this current
report by reference. </FONT></P>






<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 9; page: 9" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>



<!-- MARKER FORMAT-SHEET="Head Major Center Bold" FSL="Default" -->
<A NAME=A008></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SIGNATURES </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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. </FONT></P>

<TABLE cellSpacing=0 cellPadding=0 width=550 border=0>
<TR>
<TD vAlign=top width="30%"></TD>
<TD vAlign=top width="28%"></TD>
<TD vAlign=top width="42%" colSpan=2><FONT SIZE="2"><B>Targeted Genetics Corporation</B><BR>
&nbsp; </FONT> </TD>
</TR>
<TR>
<TD vAlign=top width="30%"></TD>
<TD vAlign=top width="28%"></TD>
<TD vAlign=top width="42%" colSpan=2></TD>
</TR>
<TR>
<TD vAlign=top width="30%"></TD>
<TD vAlign=top width="28%"></TD>
<TD vAlign=top width="42%" colSpan=2></TD>
</TR>
<TR>
<TD vAlign=top width="30%"></TD>
<TD vAlign=top width="28%"></TD>
<TD vAlign=top width="42%" colSpan=2></TD>
</TR>
<TR>
<TD vAlign=top width="30%"></TD>
<TD vAlign=top width="28%"></TD>
<TD vAlign=top width="42%" colSpan=2></TD>
</TR>
<TR>
<TD vAlign=top width="30%"><FONT size=2>Date: June 23, 2004</FONT></TD>
<TD vAlign=top width="28%"></TD>
<TD vAlign=top width="42%" colSpan=2><FONT SIZE="2">By:&nbsp;&nbsp;
<U>/s/ Todd E. Simpson&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </FONT>
</TD>
</TR>
<TR>
<TD vAlign=top width="30%"></TD>
<TD vAlign=top width="28%"></TD>
<TD vAlign=top width="4%"></TD>
<TD vAlign=top width="38%"><FONT size=2>Todd E. Simpson<BR>
Vice President, Finance and Administration,
Chief Financial Officer, Secretary and Treasurer (Principal Financial
and Accounting Officer
</FONT></TD>
</TR>
<TR>
<TD vAlign=top width="30%"></TD>
<TD vAlign=top width="28%"></TD>
<TD vAlign=top width="4%"></TD>
<TD vAlign=top width="38%"><FONT size=3></FONT></TD>
</TR>
</TABLE>
<br>
<BR>










<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 10; page: 10" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>



<!-- MARKER FORMAT-SHEET="Head Center Underline" FSL="Default" -->
<A NAME=A012></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>EXHIBIT INDEX</U> </FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=600>
<TR VALIGN=Bottom>
     <TH COLSPAN=2></TH>
     <TH COLSPAN=2></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=13% ALIGN=LEFT>&nbsp;</TD>
     <TD WIDTH=3% ALIGN=LEFT><FONT SIZE="2">&nbsp; </FONT></TD>
     <TD WIDTH=82% ALIGN=LEFT><FONT SIZE="2">&nbsp; </FONT></TD>
     <TD WIDTH=2% ALIGN=LEFT><FONT SIZE="2">&nbsp; </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=Center><FONT SIZE="2">Exhibit </FONT></TD><TD ALIGN=LEFT><FONT SIZE="2">&nbsp; </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=Center><FONT SIZE="2"><U>No.</U> </FONT> </TD><TD ALIGN=LEFT><FONT SIZE="2">&nbsp; </FONT></TD>
     <TD ALIGN=Center><FONT SIZE="2"><U>Description</U> </FONT> </TD><TD ALIGN=LEFT><FONT SIZE="2">&nbsp; </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE="2">99.1 </FONT></TD><TD ALIGN=LEFT><FONT SIZE="2">&nbsp; </FONT></TD>
     <TD ALIGN=LEFT><FONT SIZE="2">Press Release of Targeted Genetics Corporation dated June 23, 2004 </FONT></TD><TD ALIGN=LEFT><FONT SIZE="2">&nbsp; </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT SIZE="2">99.2 </FONT></TD><TD ALIGN=LEFT><FONT SIZE="2">&nbsp; </FONT></TD>
     <TD ALIGN=LEFT><FONT SIZE="2">Press Release of Targeted Genetics Corporation dated June 22, 2004 </FONT></TD><TD ALIGN=LEFT><FONT SIZE="2">&nbsp; </FONT></TD></TR>
</TABLE>



<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 11; page: 11" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>



<!-- MARKER FORMAT-SHEET="Head Right" FSL="Default" -->
<A NAME=A015></A>
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><U>Exhibit 99.1</U></B> </FONT> </P>

<!-- MARKER FORMAT-SHEET="Head Minor Center" FSL="Default" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><IMG SRC="logo.jpg"> </FONT></P>


<!-- MARKER FORMAT-SHEET="Head Left" FSL="Default" -->
<A NAME=A018></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Contact:</B><BR>
Targeted Genetics
Corporation<BR>
Courtney Self<BR>
(206) 521-7392 </FONT> </P>

<!-- MARKER FORMAT-SHEET="Head Minor Center" FSL="Default" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>RESULTS FROM INTERIM
ANALYSIS SUPPORT CONTINUATION OF<BR>TARGETED GENETICS' PHASE IIB CYSTIC FIBROSIS </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Sub 2 Left" FSL="Default" -->
<A NAME=A020></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CLINICAL
TRIAL </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor Center" FSL="Default" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>- Clinical Trial
Remains on Track for Completion of Patient Dosing by End of 2004 -</B> </FONT> </P>


<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Seattle, WA</B>&#151;June 23, 2004
&#151; Targeted Genetics Corporation (NASDAQ: TGEN) today announced that an independent
data monitoring committee (DMC) met for its scheduled interim analysis of a Phase IIb
clinical trial of the Company&#146;s product candidate, tgAAVCF, to treat patients with
cystic fibrosis (CF). Based upon its review, the DMC recommended continuation of the study
as planned. The DMC provided its recommendation based upon an analysis of whether or not
there was a chance that, upon full patient enrollment, the study could show a
statistically significant positive impact on lung function measurements in patients
treated with tgAAVCF compared to placebo. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;Targeted Genetics&#146; ongoing
Phase IIb clinical trial has advanced further than any other CF gene therapy program to
date, and we are pleased to continue this study based on the DMC&#146;s recommendation,&#148; said
H. Stewart Parker, president and chief executive officer of Targeted Genetics. &#147;This
recommendation allows us to continue to generate clinical results and assess the ability
of this product candidate to improve lung function in patients with CF. There remains a
significant unmet need in the CF patient community for treatments that address the
underlying cause of this chronic disease. We are optimistic about this trial and hope it
will lead to a true advance in the treatment of CF.&#148; </FONT></P>





<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 5; page: 5" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>This Phase IIb, double-blind,
randomized, placebo-controlled study is partially funded by Cystic Fibrosis Foundation
Therapeutics, Inc. (CFFT), the drug discovery and development affiliate of the Cystic
Fibrosis Foundation, and is being conducted through CFFT&#146;s Therapeutics Development
Network. The trial includes bi-monthly evaluation of lung function after repeat dosing of
tgAAVCF. Researchers also are assessing the impact of tgAAVCF on inflammation and biologic
markers over time when compared to placebo. The study continues to monitor the safety and
tolerability profile of tgAAVCF. A total of 100 patients, 12 years of age and older, are
being evaluated, 50 in the treatment group and 50 in the placebo group. Study participants
receive two doses of 1x10<SUP>13</SUP> DNAse resistant particles (DRP) of tgAAVCF or
placebo, delivered via nebulizer at day 0 and day 30 of the study and are evaluated for
efficacy every two weeks for a total of 90 days. Study participants are being monitored
for safety for seven months. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The planned interim analysis was
conducted after 53 patients were dosed with either the product candidate or placebo. The
DMC did not raise any safety concerns and recommended continuation of the trial. In order
to protect the integrity of the trial, the complete, unblinded results will not be made
available to Targeted Genetics until the study is completed. The DMC is an independent
group of experts that was established by CFFT to monitor the safety and efficacy data. The
primary role of the DMC is to safeguard the interests of current and future patients in
the trial and act in an advisory capacity to Targeted Genetics and the Cystic Fibrosis
Foundation. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->
<A NAME=A021></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>About Targeted Genetics </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Targeted Genetics Corporation
develops gene-based products for preventing and treating acquired and inherited diseases.
The Company has three clinical product development programs, targeting cystic fibrosis,
AIDS prophylaxis and rheumatoid arthritis. The Company also has a promising pipeline of
product candidates focused on hemophilia and cancer and a broad platform of gene delivery
technologies. For more information about Targeted Genetics visit its website at
www.targetedgenetics.com. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>This release contains forward-looking
statements regarding our research programs, clinical trials, product development and
potential related to tgAAVCF and other statements about our plans, objectives, intentions
and expectations. These statements, involve current expectations, forecasts of future
events and other statements that are not historical facts. Inaccurate assumptions and
known and unknown risks and uncertainties can affect the accuracy of forward-looking
statements. Factors that could affect our actual results include, but are not limited to,
the timing, nature and results of our research and our clinical trials, our preclinical
results with animals are not necessarily indicative of results that will be obtained in
humans, our ability to obtain and maintain regulatory or institutional approvals, our
ability to obtain, maintain and protect our intellectual property related to tgAAVCF, and
our ability to raise capital when needed, as well as other risk factors described in the
section entitled &#147;Factors Affecting Our Operating Results, Our Business and Our Stock
Price&#148; in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2004. You
should not rely unduly on these forward-looking statements, which apply only as of the
date of this release. We undertake no duty to publicly announce or report revisions to
these statements as new information becomes available that may change our expectations. </FONT></P>






<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 6; page: 6" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>

<!-- MARKER FORMAT-SHEET="Head Right" FSL="Default" -->
<A NAME=A022></A>
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><U>Exhibit 99.2</U></B> </FONT> </P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold" FSL="Default" -->
<A NAME=A023></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>[GRAPHIC OMITTED] </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Left" FSL="Default" -->
<A NAME=A025></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Contact:</B><BR>
Targeted Genetics
Corporation<BR>
Courtney Self<BR>
(206) 521-7392 </FONT> </P>

<!-- MARKER FORMAT-SHEET="Head Minor Center" FSL="Default" -->
<A NAME=A027></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CELLEXSYS ANNOUNCES
MERGER AGREEMENT WITH CHROMOS </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor Center" FSL="Default" -->
<A NAME=A028></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Merger Combines
Broad Intellectual Property,<BR>
Expands Product Development Opportunity </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Seattle, WA </B>&#151; June 22,
2004 &#151; CellExSys, Inc. announced today that the Company has signed a definitive
merger agreement with Chromos Molecular Systems, Inc. (TSX: CHR). Under the terms of the
agreement, Chromos will acquire all of the outstanding shares of CellExSys through the
merger between CellExSys and Chromos Inc., a wholly owned subsidiary of Chromos.
CellExSys, based in Seattle, WA, is a majority-owned subsidiary of Targeted Genetics
Corporation (NASDAQ: TGEN). The acquisition will provide Chromos with new cell therapy
technology and a strong preclinical pipeline to support product development to treat
infectious diseases and cancers. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>On closing Chromos will issue to
CellExSys shareholders 1,500,000 common shares of Chromos and a secured convertible
debenture in principal amount of approximately $2,500,000. The convertible debenture will
bear interest at the rate of 2 percent per annum and the principal will be due in two
installments over two years. The principal will be repayable by Chromos at its option
either in cash or by the issuance of common shares of Chromos. In addition, Chromos has
agreed to fund certain of CellExSys&#146; operational costs through closing of the
acquisition. The acquisition has been approved by the boards of directors of both
companies and is subject to approval by the stockholders of CellExSys and other customary
closing conditions. If the debenture is fully paid in common shares of Chromos, the
shareholders of CellExSys would receive up to approximately 17.2 percent of Chromos, based
on current shares issued and outstanding. </FONT></P>





<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 7; page: 7" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>


<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;This transaction between
CellExSys and Chromos provides an infrastructure to advance T cell therapy technology into
human clinical trials, and allows Targeted Genetics, along with other shareholders of
CellExSys, to benefit from the potential value that can come with the advancement of this
technology,&#148; said H. Stewart Parker, president and chief executive officer of
Targeted Genetics. &#147;While outside of the scope of Targeted Genetics&#146; core focus,
we believe that CellExSys has a substantial intellectual property position related to a
unique approach for generating large numbers of antigen-specific T-cells rapidly while
retaining the antigen specificity of these cells. This Rapid Expansion Method (REM)
technology can be used to generate autologous antigen-specific cytotoxic T lymphocyte
(CTL) isolates for use in adoptive immunotherapy, supporting the opportunity inherent in
this combined company to develop products to treat a variety of diseases, such as cancers
or infectious diseases.&#148; </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;This strategic acquisition
combines the proprietary technology of Chromos with CellExSys&#146;proprietary T cell
therapy technology to accelerate our product development pipeline and expand our
partnering opportunities,&#148; said Alistair Duncan, president and chief executive
officer of Chromos. &#147;We believe this transaction creates greater long-term value for
both Chromos and CellExSys shareholders because it allows us to realize the commercial
potential of cell therapy through our ability to now access multiple product
opportunities in a variety of disease indications. Consistent with our corporate strategy
to grow Chromos into a leading cell therapy company, this acquisition enables us to make
the critical transition from a platform company to a product development company, while
allowing us to build on the advancements realized in our cellular protein production
programs.&#148; </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->
<A NAME=A029></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>About CellExSys, Inc. </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CellExSys, Inc. was established in
late 2000 as a subsidiary of Targeted Genetics Corporation, with a focus on
commercializing a robust portfolio of cell therapy assets that are outside of Targeted
Genetics&#146; core focus. The Company&#146;s patient-specific technology platform has
yielded promising results in preclinical studies in a variety of viral diseases and
cancers. The Company&#146;s core technology, the Rapid Expansion Method (REM), was
originally developed at The Fred Hutchinson Cancer Research Center in Seattle, Washington
and is licensed exclusively to CellExSys. For more information about CellExSys, please
visit our website at www.cellexsys.com. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The securities to be issued to
CellExSys&#146; stockholders have not been and will not be registered under the United
States Securities Act of 1933, as amended, and may not be offered or sold in the United
States unless an exemption from registration is available. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Note: This press release contains
forward-looking statements concerning the pending merger transaction, the anticipated
benefits of the transaction to Targeted Genetics and CellExSys if it is completed,
initiatives proposed by Chromos for CellExSys, expectations as to CellExSys&#146; position
in the market for infectious disease and cancer treatments and Chromos&#146; anticipated
cash position. Forward-looking statements are not statements of historical fact, and
actual events or results may differ materially from those anticipated by Targeted and
Chromos and described in the forward-looking statements, as the result of a variety of
risks, uncertainties and other factors; including, without limitation, the risk that one
or more of the parties may not perform its obligations under its agreement with CellExSys
and its shareholders, including Targeted Genetics; that conditions to the closing of the
acquisition may not be satisfied; that one or more third parties may make competing
acquisition proposals, commence litigation, or take other action to seek to delay or
prevent closing of the acquisition; that planned business initiatives could be delayed or
cancelled or could prove ineffective; that Chromos and CellExSys may not realize the
expected benefits to their combined businesses from the acquisition due to competition,
introduction by competitors of new products or technologies or pricing or initiatives, and
the possible emergence of post acquisition integration problems with Chromos or that
Chromos may have unanticipated costs and expenses or cost overruns that could cause its
cash position to be lower than anticipated as well as the other risks identified in
Targeted Genetics&#146; periodic reports available at www.sec.gov and Chromos&#146;
periodic reports available at www.sedar.com. Neither Targeted Genetics nor Chromos assumes
any obligation to update forward-looking statements to reflect future events.</I> </FONT></P>







<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 8; page: 8" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>


</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>logo.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 logo.jpg
M_]C_X``02D9)1@`!`0$!+`$L``#_VP!#``@&!@<&!0@'!P<)"0@*#!0-#`L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+#`Q-#0T'R<Y/3@R/"XS-#+_
MVP!#`0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P``1"`!?`%(#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#W*&SMY8A(
MZ$LQ))+'UK%\3WDF@VEM<6FCQWR2SQV[!KLPE&DD6-.QR"SC/H/6NAM3FW3K
MWZ_6L'Q'<O/?6ND)I:WQ<+>*&G,0#Q.'3D>C*I].QH`+_5--TJZT>TO[61+G
M4G\L+&Q=86P`=S<<;F1`>Y8<56F\1Z-#XR3PRUI.;N3;AU=2,E&<97=OVX4Y
M;;M!P,\U7U'3+W6;J*[U'PE;37$2J(I#J&&CPX<;<#Y3N53D<G`&<"JFHR3:
M?JZZU>^'["WO6D5H[B;6!%N949,<\8VNV1T/!Z@&@#8M-9TJ\\1S:-#9RYC+
MIY[3(JNZ8WJJ%_,;&0-P7;D$9XJ/1=<LM>.K&RTFX;^SYI("/M$1,LB,RE0!
M)E3E<C>%R"#TKFHM5L8==;7$TO1%U$Y.]=>3:&90K-LW;0Q``)`R<=:TM`EU
M"W%Q=:+HD4T<\C-)LUTSQ*[,7?:I)522Q)P!UH`N+XJTJ/P?-XFNM*O+6SBE
M$6R22/>Q\P19R)-H`<XR2.A/2KEUK-I:V.FS#1KV>74=PAMH)(G?`0OG=YFP
MC:N>&.>,5ER:;JDF@G1#X4C%AO$H1-5*,'$GF@AP=P^?!Z\47.DZE?V5M:W?
MAR9TM"S0O_;DGF`LI#;I`P9LAF')/%`'66/]GZE86U_:8DMKF)9HG!(W(P!!
MY]B*S;NZDL_&.EV<,I6&YBD$D74,0"0?8C'ZUJZ5@:5:JMLEL$C""!#E8P!C
M:#Z#&*Q-30GX@:&PV\03#G&?NGWH`Z>BBB@"&U_X]DZ]^OUK%N<'QW8]<BRD
M[_[0K;MCFW4YSU_G6-<'_BN+,;SS92?+V^\*`-ZO'/B+;:GJ/B=EO/!^A:C;
M0H%M)KW5A"S(>2=A=<?-D=.PYKV.L3Q#X0\/^*TA77-+AO/(),3/E67/4!E(
M./;IP/2@#PO^PI#_`,TZ\)_^#Q?_`([6[X?NO$_AGSSH7@KP[9B?`E$>MJ5;
M&<9!D(SR:M:_\,4LM4>/1/AWHVHV)`*2OJ4L3CU#*6Z_3C%<])X4\F1HY?AS
MX81T.&5M?((/H1OH`]TT#5I=6TR*:ZMX[6]V_O[9+A)O+/LR$@@]OY5JUY[\
M-?"0T5KO49_"^G:)<2JL4?V2]>X,D?4DDDJ!G;C'/!KT*@"O99^R)EMQYY_$
MUA:B3_PGNC`$`>3+D>ORG_"MVR&+5.`.3T^IK!U+'_"?:)\JY\F;YN_W30!T
MU%%%`$-J<VR'Z_SK(GR?'%ISP+&3C'^V*UK/`M4P<]?YUDSL!XWLQNY-E)Q_
MP(4`;M%%5=0U&UTRV^T7<FR/.!A2Q)]@*`)YIH[>%YIG5(XU+.S'`4#J37C>
MKZW\)=<U634=1T.[N+N0C?+_`&?<+YF.A(``/XBNDUC4GU+4/.M?&M_ID(``
MMX--5A]274DGI[>U9H:\!)/Q(UK:`?\`F&1]?^_?TH`[?PQXKT?Q1;3'2#,$
MMBJ-'+`T)4$<8#`<<$?A6]7*^%-.U.-S?7/BK4-5M75E6&YM(XAG(^8;5![$
M>G-=50!#:C%LG3OT^M<_J6/^$]T7_5Y\J7_>^ZWZ5OV>3:1YZX_K6!J89O'F
MB87(6*4D^GRL/\_6@#IJ***`(+/'V5,$$<\CZUD7&?\`A.++D?\`'E)QW^\*
MV+4YMD/U_G61<$CQM98[V4F>/]H=Z`-MPS(P5MK$<-C.#ZUXGJOB"72M7NM.
MNO'_`(F2ZAD:-D71589SQM(7D'MZYKVZN!\0>,/%5IK,EOH/ARPU"R0`+<2Z
MM#$7;&3A2V0!TY]*`$MO"7BJYMH+A?B!JT0D0/Y<VGPJXR.`PQP?:NG\/Z3J
M&E6TJ:EKESJTSMD231I&$'H%4?J:Y'3/&GC:348$U/P?916;,!++!K$#.@_O
M!2W./3->@Q7$$^?)FCDV]=C`X_*@"6BBB@""T&+5`1C\?>L#4QGQYHAVK_JI
M>>_W6_QK>LO^/2/IT[=.M8.I$?\`">Z*,+_JI2"<9^ZU`'34444`0VO_`![I
MT[].G6L>Y_Y'BP^[_P`><O7K]X=*V+4YMU/'?I]:R+DC_A-K$<9^QR?^A#W_
M`*4`;,\,=Q!)!,H>*12CJ>X(P17@>L?#@:?JMQ!:?"JRO+-9&$%S_P`)$\?F
MIV.UI`0<=1ZYZCFOH"LCQ%X8T;Q7IRV&MV*7=LKB15+,I5AW#*01U/>@#PC_
M`(0:7_HC]E_X4Y_^.UK^'=.UWPIJ!OM$^%MM:7#(8V9?$P8,I[%6D(/XBNW_
M`.%)?#S_`*%[_P`G+C_XY7!:C\-#::C<06GPEMKVV1R(KE/$4B"1>QVLX(/L
M?UZT`>Q^&=7U'5=,$FL:4-+OPQ#VXNHYP1V960GCZX(.>O4[5>>_#?P-I^B(
M^KR>$H]`U5MT(B74'NOW7!R26*@DCMV`]<5Z%0!!9C%I'QCCH3GO6!J6/^$^
MT3)Y\F7`S_LM[UO60Q9QC&..F<]ZP-3'_%?Z(?\`IC+_`.@M0!T]%%%`$5L,
M6ZCZ_P`ZYOQ;JUOI-S8D65O/>S)*5EN;@P1PQ(NYV9PK$=5&`IR3V`S4\NL:
ME8SR6J:'),D;$+*MR@##J#@G(ZUF:M<-KD4<>H>%)9A$Q>)Q>(CQG&"596#+
MD$C@\CK0`_5/$-EINFZ'<K8_:6U=D2)8;WY`QC+C#D@,#C@]^*/$?B;2?#.I
M6MG>6LY>[B+QN)2`7WJNS.>IW$CUVFJ]XL=]9V5K+X4N$@L>+5(-0$/E#9MP
M"C`@;<C'H:??[=5=)+_PC).R(L:E[Q#@!U<?Q==RJ<]>/PH`NWNL6UKXQM/#
ML>G33S7$"W#2_:@H1-S*3M9LMC;GC/6I(]09_%LFA?V)=B)(1.;W[4OE[#N`
M.W?NY92N,>_2L^XD:ZU>/5I?#-T+V%51734M@*J2P#*K!6`+$\@]:M#5[E=0
M>_'AJ473QK`TANTY0$L!C..K'\Z`)IM;L(M)O-06RNI#;WQL5@23YY9?-$2@
M98``LPY)&!R:;K.OQ:#H,&J7NDWR-+($>`S*?(."<N^_8J\8SG&2HXSQ1FFC
MDT^YT^7PM(UM=3--,AO%YD+;]P.<@[L$$8P1D8Q39#'/I,.F/X?NUM8G.P1Z
MFRMDYSEPP8YW'.2<Y.:`.RM'BDLX9(`/*=`Z88,,$9'()!^H)KG]2/\`Q7VB
M#_IC*?\`QUJ;;:[/:VL5O!H'DP1*(XXTG0*BC@``=`,=*KPSWVJ>+M,NY++[
5-#`DBN&E5B24.",?6@#L****`/_9
`
end

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
