SOURCE: MDRNA, Inc.

MDRNA, Inc.

June 11, 2009 08:00 ET

MDRNA, Inc. Granted Request to Remain Listed on The NASDAQ Global Market

BOTHELL, WA--(Marketwire - June 11, 2009) - MDRNA, Inc. (NASDAQ: MRNA) announced today that on Wednesday, June 10, 2009, the NASDAQ Hearings Panel granted the request of the Company to remain listed on The NASDAQ Global Market and that the Company had until August 31, 2009 to establish a minimum $10.0 million in stockholders' equity or demonstrate compliance with one of the alternative listing criteria per NASDAQ Marketplace Rule 5450(b).

The Company announced on March 6, 2009 that it had received a Deficiency Notice from NASDAQ notifying the Company that it was not in compliance with Marketplace Rule 5450(b). The Company presented its plan to regain compliance to a NASDAQ Appeals Panel on April 23, 2009. Based on the plan the Company presented and its continued execution of that plan, the Panel found that it was appropriate to allow the Company to remain listed on The NASDAQ Global Market while it works to achieve compliance with either the market value of listed securities (i.e. market value greater than $50 million) or stockholders' equity requirement of that market until August 31, 2009.

"We are pleased that NASDAQ has granted our request to remain on The NASDAQ Global Market," stated J. Michael French, President and CEO. "We remain confident that our plan to regain compliance with Marketplace Rule 5450(b), the plan we presented to the NASDAQ Appeals Panel in April, is achievable well before August 2009."

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 by combining novel RNAi-based compounds and proprietary peptide- and liposomal-based drug delivery technologies to provide superior therapeutic options. Our multi-disciplinary portfolio of capabilities includes molecular biology, cellular biology, formulation expertise, peptide and alkylated amino acid chemistry, pharmacology, toxicology and bioinformatics. We are applying this expertise to a single, integrated drug discovery platform that will be the engine for our clinical pipeline and a versatile platform for establishing broad therapeutic partnerships. We are also building on new technologies, such as UsiRNAs that incorporate the non-nucleotide moiety Unlocked Nucleobase Analog (UNA) within the siRNA molecule, that we expect to lead to safer and more effective RNAi-based therapeutics. By combining broad expertise in siRNA science with proven delivery platforms and a strong and growing IP position, MDRNA is well positioned as a leading RNAi therapeutics company and value-added collaborator for our research partners. 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.

Contact Information

  • Contact:

    Matthew D. Haines
    Senior Director, Investor Relations and Corporate Communications
    (212) 209-3874
    Email Contact

    McKinney|Chicago (Media)
    Alan Zachary
    (312) 944-6784 x 316
    or
    (708) 707-6834
    Email Contact