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MDRNA Posts Higher Q1 Loss on Lower Revenues

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MDRNA last week reported a jump in its first-quarter loss as a drop in revenues more than offset a decrease in operating costs.

MDRNA's net loss in the quarter was $9.5 million, or $0.20 per share, versus a year-ago loss of $7.3 million, or $0.23 per share.

Revenues in the quarter plummeted $14 million to $200,000, reflecting the receipt of milestones and licensing fees from partners Novartis, Roche, and Amylin Pharmaceuticals in the year-ago quarter, which were not received this year.

Research and development spending in the first quarter dropped about 13 percent, to $3.6 million from $4.1 million, reflecting patent license fees paid in the period last year that did not recur the following year.

Selling, general, and administrative costs, meanwhile, rose to $2.6 million from $2.1 million.

As of March 31, MDRNA had cash and cash equivalents totaling $3.8 million.

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