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: [[ticker: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.
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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