Published on December 24, 2009 at 8:36 AM
MDRNA, Inc. (NASDAQ: MRNA), a leading
RNAi-based drug discovery and development company, today announced the
closing of a bridge loan pursuant to a Note and Warrant Purchase Agreement.
Under the terms of the loan, the Company sold promissory notes in the
aggregate principal amount of $1.0 million and issued warrants to purchase
an aggregate of approximately 1.1 million shares of the Company's common
stock at $1.02 per share to certain accredited investors.
"This bridge loan provides us with the flexibility to pursue partnering and
financing options into the beginning of next year," said J. Michael French,
President & CEO of MDRNA. "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% per annum and payable on the due date. The loan is to be
secured against the assets of MDRNA, Inc. and its subsidiaries. The
warrants are being offered by the Company pursuant to an effective shelf
registration statement on Form S-3 (No. 333-148771), which was declared
effective by the Securities and Exchange Commission on February 4, 2008.
SOURCE: MDRNA, Inc.