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MDRNA, Inc. Receives NASDAQ Notification
| Source: MDRNA, Inc.
BOTHELL, WA--(Marketwire - November 24, 2008) - MDRNA, Inc. (NASDAQ : MRNA ) announced today that
on November 18, 2008 it received a letter from The NASDAQ Stock Market,
Inc. notifying the Company that, based on the Company's stockholders'
equity as reported in the Quarterly Report on Form 10-Q for the period
ended September 30, 2008, it does not comply with the $10 million minimum
stockholders' equity requirement for continued listing on The NASDAQ Global
Market set forth in NASDAQ Marketplace Rule 4450(a)(3). On or before
December 3, 2008, the Company will provide NASDAQ with its plan to achieve
and sustain compliance with all listing requirements. The NASDAQ staff will
then review the Company's plan to determine whether it is acceptable.
"MDRNA is taking all necessary steps to enhance shareholder value and
regain compliance with NASDAQ's listing requirements, and we are confident
that NASDAQ will find our plan acceptable," stated J. Michael French,
President and CEO. "We remain focused on advancing our RNAi technology,
intellectual property and pipeline, as well as our ongoing partnering
activities. We believe we are on the right track toward achieving our near
term objectives and executing our 2009 business plan."
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 key therapeutic areas
including oncology, metabolic disorders and inflammation. 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 Statement
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.