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