BOTHELL, WA--(Marketwire - June 16, 2009) -
MDRNA, Inc. (NASDAQ: MRNA
) announced today that
it has repaid all of its remaining debt to General Electric Capital
Corporation (GECC) under the January 2009 Loan and Security Agreement.
"I am pleased we have met our commitment to shareholders to eliminate the
Company's remaining term debt obligations prior to the start of the third
quarter," stated J. Michael French, President and CEO. "In less than five
months time, we retired a $5.5 million loan created to consolidate our GE
Capital leases. The repayment of this loan removes all liens on our
intellectual property, equipment and other assets, thus providing us
maximum flexibility in establishing broad target and therapeutic-based
pharma collaborations. By eliminating the remaining debt, we have
significantly strengthened our balance sheet, enabling us to further
capitalize on our strong science and broad intellectual property estate."
Mr. French added, "I would like to thank everyone on the MDRNA team for
their outstanding efforts in the successful completion of our corporate
restructuring and transition to a leading RNAi therapeutics company."
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.