MDRNA said last week that it has closed a $1 million bridge loan worth $1 million.
Under the terms of the loan, the company sold $1 million in promissory notes and issued warrants to certain accredited investors to purchase an aggregate of about 1.1 million of its shares at $1.02 per share.
"This bridge loan provides us with the flexibility to pursue partnering and financing options into the beginning of next year," MDRNA President and CEO Michael French said in a statement. "As we continue to execute on our business strategy, this ensures that we have sufficient resources to achieve our near-term objectives."
The loan will become due and payable on February 1, 2010, with interest calculated at 12 percent annually and payable on the due date, MDRNA said. The loan is to be secured against the assets of MDRNA and its subsidiaries.