MDRNA terminates 23 employees, three executives

Bothell-based MDRNA announced Aug. 4 that it would lay off 23 employees, including three chief executives from its intranasal programs, President Gordon Brandt, Chief Business Officer Timothy Duffy and Chief Scientific Officer — Delivery Henry Constantino.

The three executives will work through Sept. 30 while most of the others will stay on board through Aug. 31.

MDRNA’s plan is to further reduce operating expenses and align its work force with its strategic, business and research and development requirements.

Following this action, MDRNA (formerly known as Nastech Pharmaceuticals) will have approximately 55 full-time employees, including approximately six full-time-equivalents maintaining its manufacturing, quality-assurance and quality-control operations in support of its current partnerships. MDRNA expects to incur approximately $1.9 million in severance and related payroll costs as a result of this action, of which approximately $0.3 million had previously been accrued as an accrual for compensated employee absences.

MDRNA’s revenue for the three months ended June 30, 2008, was $0.7 million, compared to $4.9 million for the three months ended June 30, 2007. Revenue for the six months ended June 30, 2008 was $2.0 million, compared to $9.9 million for the six months ended June 30, 2007.

Net loss for the current quarter was approximately $14.3 million or $0.48 per share, compared to a net loss of $12.4 million or $0.50 per share for the prior year period.

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