MDRNA Raises $10.5M

Luke Timmerman6/10/09

MDRNA, the Bothell, WA-based developer of RNA interference drug technology, said today it has raised $10.5 million in a stock sale to existing investors. The company (NASDAQ: MRNA) agreed to sell 5.25 million shares at $2 apiece, plus warrants to buy the same number of shares at $2.38 over the next 5.5 years. Canaccord Adams served as the sole placement agent on the deal. MDRNA, which ran dangerously low on cash earlier this year, didn’t say how long the new infusion is expected to last.

Luke Timmerman is the National Biotech Editor of Xconomy, and the Editor of Xconomy Seattle. E-mail him at ltimmerman@xconomy.com or follow him on Twitter at twitter.com/ldtimmerman.