MDRNA Grabs $1M Bridge Loan

Luke Timmerman12/24/09

MDRNA, the Bothell, WA-based company developing RNA interference technology, said today it has raised $1 million through a debt financing to ensure it has “sufficient resources” to meet its near-term goals of finding a partner or securing more financing in 2010. The company (NASDAQ: MRNA) said in a regulatory filing that it issued promissory notes at a 12 percent annual interest rate that come due on February 1, 2010 or possibly earlier. MDRNA also issued warrants to investors who may choose to buy more than 1 million shares of its stock at $1.02 a share over the next five years. MDRNA shares fell 8 percent on the news to 92 cents a share at 10 am Eastern time.

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.