Biotech, deals, RNA Interference

MDRNA Nabs $7.25M From Novartis

Luke Timmerman 3/23/09

MDRNA, the Bothell, WA-based developer of RNA interference technology for drug development, said today it agreed to provide a non-exclusive license its technology to Novartis in exchange for $7.25 million in upfront fees. MDNRA (NASDAQ: MRNA) also negotiated a separate deal that gives Novartis an exclusive period in which it can strike a larger R&D collaboration with MDRNA, although terms of that deal weren’t disclosed. MDRNA, which has run low on cash, plans to report its fourth quarter financial results tomorrow.

Luke Timmerman is the National Biotechnology Editor for Xconomy. You can e-mail him at ltimmerman@xconomy.com, call 206-624-2374, or follow him on Twitter at http://twitter.com/ldtimmerman.