MDRNA Inc. (MRNA, Financial) filed Quarterly Report for the period ended 2010-09-30.
Mdrna Inc. has a market cap of $22.94 million; its shares were traded at around $1.877 with and P/S ratio of 1.56. MRNA is in the portfolios of Kenneth Fisher of Fisher Asset Management, LLC.
At September 30, 2010, we had a working capital deficit (current assets less current liabilities) of approximately $4.3 million and approximately $2.1 million in cash, including approximately $1.2 million in restricted cash. On March 31, 2010, in connection with the execution of the Cequent Merger Agreement, we entered into a Loan Agreement with Cequent pursuant to which, among other things, Cequent extended to us loans in the aggregate principal amount of $3.0 million to fund our operations prior to the proposed merger. On July 21, 2010, we consummated the merger with Cequent, and as a result the loans of $3.0 million plus accrued interest were forgiven and the warrants to purchase our common stock which were issued to Cequent in connection with the Loan Agreement terminated. Cequent raised approximately $5.0 million through the sale of shares of its preferred stock on July 21, 2010, which shares were converted into shares of our common stock at effective time of the merger. As a result of the merger, Cequent is now our wholly owned subsidiary. In November 2010, we raised proceeds of approximately $3.3 million in a registered direct offering of 1,795,000 shares of common stock and subscription investment units to purchase up to 2,423,550 shares of common stock. In addition, in November 2010, we received notification that we had been awarded three grants totaling approximately $0.7 million under the Qualified Therapeutic Discovery Grant funds under section 48D of the Internal Revenue Code. We believe that our current resources will be sufficient to fund our planned operations into the first quarter of 2011.
Our operating activities used cash of approximately $14.0 million in the nine months ended September 30, 2010, compared to using cash of approximately $3.8 million in the nine months ended September 30, 2009. In the nine months ended September 30, 2010, cash used in operating activities related primarily to funding our net loss, partially offset by non-cash amortization of discount
Our investing activities provided cash of approximately $4.5 million in the nine months ended September 30, 2010, compared to providing cash of approximately $2.2 million in the nine months ended September 30, 2009. In 2010 cash provided by investing activities was primarily the result of cash received in the Cequent acquisition. In accordance with the merger agreement, Cequent was required to have a cash balance of at least $5.1 million minus the amount of Cequents ordinary course operating expenses from June 2, 2010 through the closing date of the merger, July 21, 2010. In 2009 cash provided by investing activities was primarily the result of sales of property and equipment and changes in restricted cash.
Our financing activities provided cash of approximately $9.6 million in the nine months ended September 30, 2010 compared to approximately $4.0 million in the nine months ended September 30, 2009. Changes in cash from financing activities are primarily due to issuance of common stock and warrants, proceeds and repayment of equipment financing facilities and notes payable and proceeds from exercises of stock options and warrants. In January 2010, we raised net proceeds of approximately $4.9 million through an offering of shares of common stock and warrants to purchase shares of common stock and approximately $1.0 million of the proceeds were used to pay off notes payable in January 2010. We borrowed $3.0 million from Cequent to fund our operations prior to the merger. On July 21, 2010, we consummated the merger with Cequent, and as a result the loans of $3.0 million plus accrued interest were forgiven and the warrants to purchase our common stock which were issued to Cequent in connection with the Loan Agreement terminated. We received proceeds of approximately $2.7 million from the exercise of warrants and options during the nine months ended September 30, 2010. In the nine months ended September 30, 2009, we raised net proceeds of approximately $9.3 million through an offering of shares of common stock and warrants to purchase common stock, and paid off our note payable with GECC which used cash of approximately $5.5 million.
In November 2010, we raised proceeds of approximately $3.3 million in a registered direct offering of 1,795,000 shares of common stock and subscription investment units to purchase up to 2,423,550 shares of common stock. In addition, in November 2010, we received notification that we had been awarded three grants totaling approximately $0.7 million under the Qualified Therapeutic Discovery Grant funds under section 48D of the Internal Revenue Code.
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Mdrna Inc. has a market cap of $22.94 million; its shares were traded at around $1.877 with and P/S ratio of 1.56. MRNA is in the portfolios of Kenneth Fisher of Fisher Asset Management, LLC.
Highlight of Business Operations:
We believe we have established ourselves as a leading RNAi-based therapeutics company by leveraging our broad and proven expertise in RNAi science and delivery to create multiple industry-leading RNAi drug discovery platforms, which are protected by a strong IP position and validated through licensing agreements with two large international pharmaceutical companies and an IND filed with the FDA. Because of our collaborations and other agreements, we recognized revenue of approximately $14.5 million and $1.5 million in the nine months ended September 30, 2009 and 2010, respectively.At September 30, 2010, we had a working capital deficit (current assets less current liabilities) of approximately $4.3 million and approximately $2.1 million in cash, including approximately $1.2 million in restricted cash. On March 31, 2010, in connection with the execution of the Cequent Merger Agreement, we entered into a Loan Agreement with Cequent pursuant to which, among other things, Cequent extended to us loans in the aggregate principal amount of $3.0 million to fund our operations prior to the proposed merger. On July 21, 2010, we consummated the merger with Cequent, and as a result the loans of $3.0 million plus accrued interest were forgiven and the warrants to purchase our common stock which were issued to Cequent in connection with the Loan Agreement terminated. Cequent raised approximately $5.0 million through the sale of shares of its preferred stock on July 21, 2010, which shares were converted into shares of our common stock at effective time of the merger. As a result of the merger, Cequent is now our wholly owned subsidiary. In November 2010, we raised proceeds of approximately $3.3 million in a registered direct offering of 1,795,000 shares of common stock and subscription investment units to purchase up to 2,423,550 shares of common stock. In addition, in November 2010, we received notification that we had been awarded three grants totaling approximately $0.7 million under the Qualified Therapeutic Discovery Grant funds under section 48D of the Internal Revenue Code. We believe that our current resources will be sufficient to fund our planned operations into the first quarter of 2011.
Our operating activities used cash of approximately $14.0 million in the nine months ended September 30, 2010, compared to using cash of approximately $3.8 million in the nine months ended September 30, 2009. In the nine months ended September 30, 2010, cash used in operating activities related primarily to funding our net loss, partially offset by non-cash amortization of discount
Our investing activities provided cash of approximately $4.5 million in the nine months ended September 30, 2010, compared to providing cash of approximately $2.2 million in the nine months ended September 30, 2009. In 2010 cash provided by investing activities was primarily the result of cash received in the Cequent acquisition. In accordance with the merger agreement, Cequent was required to have a cash balance of at least $5.1 million minus the amount of Cequents ordinary course operating expenses from June 2, 2010 through the closing date of the merger, July 21, 2010. In 2009 cash provided by investing activities was primarily the result of sales of property and equipment and changes in restricted cash.
Our financing activities provided cash of approximately $9.6 million in the nine months ended September 30, 2010 compared to approximately $4.0 million in the nine months ended September 30, 2009. Changes in cash from financing activities are primarily due to issuance of common stock and warrants, proceeds and repayment of equipment financing facilities and notes payable and proceeds from exercises of stock options and warrants. In January 2010, we raised net proceeds of approximately $4.9 million through an offering of shares of common stock and warrants to purchase shares of common stock and approximately $1.0 million of the proceeds were used to pay off notes payable in January 2010. We borrowed $3.0 million from Cequent to fund our operations prior to the merger. On July 21, 2010, we consummated the merger with Cequent, and as a result the loans of $3.0 million plus accrued interest were forgiven and the warrants to purchase our common stock which were issued to Cequent in connection with the Loan Agreement terminated. We received proceeds of approximately $2.7 million from the exercise of warrants and options during the nine months ended September 30, 2010. In the nine months ended September 30, 2009, we raised net proceeds of approximately $9.3 million through an offering of shares of common stock and warrants to purchase common stock, and paid off our note payable with GECC which used cash of approximately $5.5 million.
In November 2010, we raised proceeds of approximately $3.3 million in a registered direct offering of 1,795,000 shares of common stock and subscription investment units to purchase up to 2,423,550 shares of common stock. In addition, in November 2010, we received notification that we had been awarded three grants totaling approximately $0.7 million under the Qualified Therapeutic Discovery Grant funds under section 48D of the Internal Revenue Code.
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