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: [[ticker: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.
Author: Luke Timmerman
Luke is an award-winning journalist specializing in life sciences. He has served as national biotechnology editor for Xconomy and national biotechnology reporter for Bloomberg News. Luke got started covering life sciences at The Seattle Times, where he was the lead reporter on an investigation of doctors who leaked confidential information about clinical trials to investors. The story won the Scripps Howard National Journalism Award and several other national prizes. Luke holds a bachelor’s degree in journalism from the University of Wisconsin-Madison, and during the 2005-2006 academic year, he was a Knight Science Journalism Fellow at MIT.
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