Contact Information: Contact: Matthew D. Haines Senior Director, Investor Relations and Corporate Communications (212) 209-3874 McKinney|Chicago (Media) Alan Zachary (312) 944-6784 x 316 (708) 707-6834
MDRNA, Inc. Regains Full Compliance With All Marketplace Rules to Remain on the NASDAQ Global Market
Receives Letter From NASDAQ Regarding Compliance With NASDAQ Marketplace Rule 5450(b)(2)(A)
| Source: MDRNA, Inc.
BOTHELL, WA--(Marketwire - June 23, 2009) - MDRNA, Inc. (NASDAQ : MRNA ) announced today that
on June 22, 2009, it received a letter from The NASDAQ Stock Market, LLC
notifying the Company that it has regained full compliance with all
requirements for remaining on The NASDAQ Global Market, specifically NASDAQ
Marketplace Rule 5450(b)(2) (the "market value standard"), which requires,
among other things, a minimum market value of listed securities of $50.0
million (NASDAQ Marketplace Rule 5450(b)(2)(A)).
"We are pleased to have regained full compliance with all Marketplace Rules
to remain on the NASDAQ Global Market," stated J. Michael French, President
and CEO. "Since receiving a non-compliance notice from NASDAQ in the fall
of 2008, our goal has been to remain listed on the NASDAQ Global Market.
Our ability to regain compliance with all of NASDAQ's listing requirements
is a testament to our scientific team and our industry leading RNAi drug
discovery platform. Validating our platform through two non-exclusive
licensing transactions with major pharmaceutical companies, selling our
contract manufacturing operations, retiring our debt to GE Capital
Corporation over a five-month period, and raising over $10 million in an
equity financing all contributed to both the strength of our balance sheet
and our ability to comply with all NASDAQ listing requirements. We will
continue to build shareholder value with the same dedication and commitment
to shareholders that led us to this point."
On May 26, 2009, MDRNA announced that had regained compliance with NASDAQ
Marketplace Rule 5450(a)(1), which requires a minimum $1.00 closing bid
price for at least 10 consecutive trading days.
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.