Biotechnology company MDRNA of Bothell said Thursday that its existing cash will only last through the first quarter of 2009.
Biotechnology company MDRNA said Thursday that its existing cash will only last through the first quarter of 2009.
In a quarterly securities filing, the Bothell company said its cash position, combined with the difficulty of raising new capital amid a recent decline in valuation and a tough economic climate, raises “substantial doubt” about its ability to continue as a going concern.
The company, formerly known as Nastech Pharmaceutical, has undergone major belt-tightening since Procter & Gamble pulled the plug on a lucrative research agreement last year. It now employs about 58 full-time staff, down from 235 employees late last year.
In the third quarter, the company closed one of its Bothell facilities and seeks to terminate its lease early or find a subtenant, according to the filing.
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MDRNA shares closed at 35 cents, down 15 percent. At their 52-week high, they traded at $5.92.
Ángel González: 206-515-5644 or firstname.lastname@example.org