MDRNA Down to $1.7M Cash

Xconomy Seattle — 

[Updated: 5:58 pm Pacific] MDRNA (NASDAQ: MRNA), the Bothell, WA-based developer of RNA interference drugs, said today in its fourth quarter financial report that it had just $1.7 million of cash and investments left in the bank heading into 2010. That’s about half as much as the company had at the same time a year earlier. The company, which has no marketed products generating revenue, reported a net loss of about $800,000 in the fourth quarter of 2009.

[Updated: 5:58 pm, with detail on January financing] Even though MDRNA raised $7.5 million in a January financing, MDRNA said its auditing firm, KPMG, is likely to issue an opinion in the company’s annual report that raises doubt about its ability to continue as a “going concern.” MDRNA said it has enough cash to operate “well into the second quarter of 2010.”