MDRNA (NASDAQ: [[ticker: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.
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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