Contact Information: Contacts: MDRNA, Inc.: Peter Garcia Chief Financial Officer (425) 908-3603 pgarcia@mdrnainc.com Westwicke Partners (Investors): Stefan Loren, Ph.D. (443) 213-0507 sloren@westwicke.com John Woolford (443) 213-0506 john.woolford@westwicke.com McKinney|Chicago (Media): Alan Zachary (312) 944-6784 x 316 or (708) 707-6834 azachary@mckinneychicago.com
MDRNA, Inc. Receives NASDAQ Notification
| Source: MDRNA, Inc.
BOTHELL, WA--(Marketwire - November 12, 2009) - MDRNA, Inc. (NASDAQ : MRNA ) announced today that
on November 6, 2009 it received a letter from The NASDAQ Stock Market, Inc.
notifying the Company that, for ten consecutive business days, based on the
Company's Market Value of Listed Securities (MVLS), it did not comply with
the $50 million minimum MVLS for continued listing on The NASDAQ Global
Market set forth in NASDAQ Marketplace Rule 5450(b)(3)(A). The Company has
a grace period of 90 calendar days (until February 4, 2010) in order to
regain compliance, which can be achieved if the Company's MVLS closes at
$50 million or more for a minimum of ten consecutive business days during
this time. MDRNA will continue to be listed on the NASDAQ Global Market
during this period.
"We believe we are taking all necessary steps to enhance shareholder value
and regain compliance with NASDAQ's listing requirements," stated J.
Michael French, President and Chief Executive Officer of MDRNA. "Based upon
the continued advancement of both our science and oncology programs and our
on-going business development efforts, we are confident that we will be
able to meet the Nasdaq Global Markets listing requirements within the 90
day grace period."
About MDRNA, Inc.
MDRNA is a biotechnology company focused on the development and
commercialization of therapeutic products based on RNA interference (RNAi).
Our goal is to improve human health through the development of RNAi-based
compounds and drug delivery technologies that together provide superior
therapeutic options for patients. Over the past decade, we have developed
substantial capabilities in molecular biology, cellular biology, lipid
chemistry, peptide chemistry, pharmacology and bioinformatics, which we are
applying to a wide range of RNAi technologies and delivery approaches.
These capabilities plus the in-licensing of key RNAi-related intellectual
property have rapidly enabled us to become a leading RNAi-based
therapeutics company with a pre-clinical pipeline in oncology. Through our
capabilities, expertise and know-how, we are incorporating multiple RNAi
technologies as well as peptide- and lipid-based delivery approaches into a
single integrated drug discovery platform that will be the engine for our
clinical pipeline as well as a versatile platform for establishing broad
therapeutic partnerships with biotechnology and pharmaceutical companies.
We are also investing in new technologies that we expect to lead to safer
and more effective RNAi-based therapeutics while aggressively building upon
our broad and extensive intellectual property estate. By combining broad
expertise in siRNA science with proven delivery platforms and a strong IP
position, MDRNA is well positioned as a leading RNAi-based drug discovery
and development company. Additional information about MDRNA, Inc. is
available at http://www.mdrnainc.com.
MDRNA Forward-Looking Statements
Statements made in this news release may be forward-looking statements
within the meaning of Federal Securities laws that are subject to certain
risks and uncertainties and involve factors that may cause actual results
to differ materially from those projected or suggested. Factors that could
cause actual results to differ materially from those in forward-looking
statements include, but are not limited to: (i) the ability of MDRNA to
obtain additional funding; (ii) the ability of MDRNA to attract and/or
maintain manufacturing, research, development and commercialization
partners; (iii) the ability of MDRNA and/or a partner to successfully
complete product research and development, including preclinical and
clinical studies and commercialization; (iv) the ability of MDRNA and/or a
partner to obtain required governmental approvals; and (v) the ability of
MDRNA and/or a partner to develop and commercialize products that can
compete favorably with those of competitors. Additional factors that could
cause actual results to differ materially from those projected or suggested
in any forward-looking statements are contained in MDRNA's most recent
periodic reports on Form 10-K and Form 10-Q that are filed with the
Securities and Exchange Commission. MDRNA assumes no obligation to update
and supplement forward-looking statements because of subsequent events.