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MDRNA, Inc. Announces Full Repayment of GE Corporation (GE) Capital Debt


6/16/2009 10:40:48 AM

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.


Contacts:

Matthew D. Haines
Senior Director, Investor Relations and Corporate Communications
(212) 209-3874
Email Contact

McKinney|Chicago (Media)
Alan Zachary
(312) 944-6784 x 316 or
(708) 707-6834
Email Contact


Read at BioSpace.com

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