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 or (708) 707-6834
MDRNA, Inc. Receives Delisting Notice From NASDAQ and Requests Hearing
| Source: MDRNA, Inc.
BOTHELL, WA--(Marketwire - March 6, 2009) - 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.