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MDRNA Granted Continued Nasdaq Listing; Issues Prospectus to Sell $12.5M in Stock and Warrants

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MDRNA announced this week that the Nasdaq Stock Exchange has granted the company's request to remain listed on its Global Market until Aug. 31, when it must meet the exchange's minimum $10 million stockholder's equity requirement or demonstrate a greater than $50 million market value of listed securities.

"We are pleased that NASDAQ has granted our request to remain on The NASDAQ Global Market," MDRNA President and CEO Michael French said in a statement. "We remain confident that our plan to regain compliance … is achievable well before August 2009."

Also today, the US Securities and Exchange Commission released MDRNA's prospectus to sell 5.25 million shares of its common stock at $2 each, as well as warrants to buy an additional 5.25 million shares at $2.38 per share, directly to "select investors."

On Wednesday, shares of MDRNA closed at $2.11.

According to the filing, the net proceeds of the stock offering are expected to be about $9.5 million. If the warrants are exercised, the net proceeds are expected to be roughly $12.5 million.

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