MDRNA Q4 net loss widens to $12.30m

MDRNA, a biotechnology company, has reported a net loss of $12.30m or $0.39 per share, for the fourth quarter of 2008, compared to a net loss of $12.01m or $0.47 per share for the same period of 2007.

Net loss for the year ended December 31, 2008 was $59.22m or $2.01 per share, compared to $52.37m or $2.10 per share for the prior year period.

The company reported revenues of $187,000 for the fourth quarter of 2008, compared to $6.39m for same period of 2007. Revenue for the year ended December 31, 2008 was $2.61 million, compared to $18.14m for the year ended December 31, 2007.

Michael French, president and CEO of MDRNA, said: In the second half of 2008, we reduced headcount, terminated all legacy intranasal clinical programs; closed down idle facilities and began to sell excess assets. In 2009, we have renegotiated terms with our landlord, converted our capital leases into a venture loan, significantly reduced certain employee severance payments and successfully settled certain trade payables via negotiated discounts and stock issuances.

We expect that the above restructuring, renegotiation and cost containment efforts will result in cash utilization of approximately $5.5 million beginning in the second quarter of 2009, a greater than 25% reduction compared to the fourth quarter of 2008.