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MDRNA Does Reverse Stock Split

MDRNA (NASDAQ: MRNA), the Bothell, WA-based developer of RNA interference drugs, said today in a regulatory filing that it has executed a reverse stock split, in which existing shareholders will trade in four shares and get one back in return. The company’s board authorized the move at the 2009 annual meeting, saying it should be done at a future time when it’s in the company’s best interest. MDRNA’s stock closed at 75 cents a share before the split was announced, giving it a market valuation of about $36 million.