Contact Information: Contacts: Matthew D. Haines Senior Director, Investor Relations and Corporate Communications (212) 209-3874 McKinney|Chicago (Media) Alan Zachary (312) 944-6784 x 316 or (708) 707-6834
MDRNA, Inc. Raises $10.5 Million in Registered Direct Offering
| Source: MDRNA, Inc.
BOTHELL, WA--(Marketwire - June 10, 2009) - MDRNA, Inc. (NASDAQ : MRNA ) announced today that
it entered into definitive agreements on June 9, 2009 with existing
investors to raise gross proceeds of $10.5 million though a registered
direct offering. Under terms of the agreements, the Company will sell 5.25
million shares of its common stock at $2.00 per share. As part of the
transaction, the investors also will receive warrants, with a five and a
half year term, to purchase 5.25 million shares of common stock at an
exercise price of $2.38 per share. The warrants will be exercisable after a
six-month period.
The transaction is expected to close on Friday, June 12, 2009, subject to
customary closing conditions. The Company plans to use the proceeds of this
transaction for working capital.
J. Michael French, President and CEO, stated, "Our ability to complete this
transaction is a testament to the strength of our core RNAi technologies
and our outstanding scientific team. This financing offers us the
opportunity to continue to rebuild shareholder value by giving us
additional capital to move our technology forward in a significant manner
while continuing to execute our partnering strategy."
Canaccord Adams Inc. served as sole placement agent for the offering.
A shelf registration statement relating to the common stock and warrants to
be issued in the offering has been filed with the Securities and Exchange
Commission and has become effective. A prospectus supplement related to the
offering will be filed with the Securities and Exchange Commission. Copies
of the prospectus supplement and accompanying base prospectus may be
obtained at the SEC's website at http://www.sec.gov, or via written request
to MDRNA, Inc., 3830 Monte Villa Parkway, Bothell, WA, 98021. Attention:
Investor Relations.
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.
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.