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MDRNA trims 4Q loss as research spending falls

Tue, 03/23/2010 - 2:17pm
The Associated Press

Drug developer MDRNA Inc. posted a smaller fourth-quarter loss Tuesday as it cut its research and development costs by more than two-thirds.

The company said it lost $785,000, or 2 cents per share, compared to $12.3 million, or 39 cents per share, a year ago. Revenue rose to $208,000 from $187,000. MDRNA reduced its cut its research and development costs by more than two thirds, to $3.1 million from $9.7 million, and also trimmed its selling, general, and administrative costs.

All MDRNA's revenue came from the license and other category. last year, the company posted $147,000 in license and other revenue and $40,000 from government grants.

For the year, the company pared its loss to $8 million, or 21 cents per share, from $59.2 million, or $2.01 per share, in 2008. Revenue climbed to $14.7 million from $2.6 million.

In aftermarket trading, MDRNA shares rose 3 cents to $1.12.

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