MDRNA Gets $1M Milestone

2/3/09Follow @xconomy

MDRNA, the Bothell, WA-based biotech company, said today it has received a $1 million milestone payment from San Diego-based Amylin Pharmaceuticals under an amended agreement to develop a nasally-delivered version of exenatide, a diabetes drug. MDRNA, formerly known as Nastech Pharmaceutical, used to specialize in nasal delivery before it switched its strategy in June to develop RNA interference drugs. The money comes at a critical time, as MDRNA (NASDAQ: MRNA) has run low on cash.

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