BOTHELL, WA, Mar 06, 2009 (MARKET WIRE via COMTEX) -- MDRNA, Inc. (NASDAQ: MRNA) announced today that it received a NASDAQ
Staff Determination on March 4, 2009 indicating that the Company has
not regained compliance with Marketplace Rule 4450(a)(3) within the
extension period granted to the Company through March 3, 2009.
Marketplace Rule 4450(a)(3) requires a minimum $10.0 million in
stockholders' equity for continued listing on The NASDAQ Global
Market. In response to the March 4th letter, MDRNA requested an oral
hearing before a NASDAQ Listing Qualifications Panel to review the
Staff Determination and believes it will be able to show compliance
with the requirement at the time of the hearing.
"We remain confident that our strategy and plan to rebuild
shareholder value and regain compliance are sound and we are committed
to remaining on the NASDAQ Global Market," stated J. Michael French,
President and CEO. "We will continue to advance our technologies,
enhance our intellectual property, and establish additional
pharmaceutical collaborations that will further validate our
scientific approach to siRNA therapeutics and provide the financial
resources necessary for success."
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 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.
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
SOURCE: MDRNA, Inc.
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