Receives Letter From NASDAQ Regarding Compliance With NASDAQ Marketplace Rule 5450(b)(2)(A)
BOTHELL, WA -- (Marketwire) -- 06/23/09 -- 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.
