Marina Biotech Ceases Most Day-to-Day Operations
Continues to Seek Substantial Funding and Strategic Opportunities
BOTHELL, WA--(Marketwire - Jun 1, 2012) - Marina Biotech, Inc. (OTCQX: MRNA), a leading nucleic acid-based drug discovery and development company, today announced that it does not currently have adequate funding to continue implementing its business plan. To conserve available cash, management has implemented a furlough of approximately 90% of its employees and ceased most day-to-day operations, including the ongoing FAP clinical trial. Additionally, the Company has negotiated an extension on its secured loan, which is now due and payable in its entirety June 15, 2012, through the issuance to the secured lenders of five-year warrants to purchase approximately 425,000 shares of common stock.
The Company has previously engaged banking teams to assist in identifying strategic opportunities and to seek additional funding. Although these efforts are on-going, no assurances may be made as to their success. If sufficient additional funds are not received in the near-term, the Company may need to further reduce or cease operations completely.
About Marina Biotech, Inc.
Marina Biotech is a biotechnology company focused on the
development and commercialization of oligonucleotide-based
therapeutics utilizing multiple mechanisms of action including RNA
interference (RNAi) and messenger RNA translational blocking. The
Marina Biotech pipeline currently includes a clinical program in
Familial Adenomatous Polyposis (a precancerous syndrome) and two
preclinical programs -- in bladder cancer and malignant ascites.
Marina Biotech entered into an exclusive agreement with The
Debiopharm Group for the development and commercialization of the
bladder cancer program. In addition, Marina Biotech has entered
into an agreement with both Mirna Therapeutics and ProNAi
Therapeutics to license Marina Biotech's SMARTICLES® technology
for the delivery of microRNA mimics and DNAi, respectively. Marina
Biotech recently announced exclusive licensing agreements with
Monsanto Company for Marina Biotech's delivery and chemistry
technologies and with Girindus America for the supply of CRN-based
oligonucleotides. Marina Biotech's goal is to improve human health
through the development of RNAi- and oligonucleotide-based
compounds and drug delivery technologies that together provide
superior therapeutic options for patients. Additional information
about Marina Biotech is available at http://www.marinabio.com.
Forward-Looking Statements
Statements made in this news release may be forward-looking
statements within the meaning of Federal Securities laws that are
subject to certain risks and uncertainties and involve factors that
may cause actual results to differ materially from those projected
or suggested. Factors that could cause actual results to differ
materially from those in forward-looking statements include, but
are not limited to: (i) the ability of Marina Biotech to obtain
additional funding in the near term; (ii) the ability of Marina
Biotech to attract and/or maintain manufacturing, research,
development and commercialization partners; (iii) the ability of
Marina Biotech and/or a partner to successfully complete product
research and development, including preclinical and clinical
studies and commercialization; (iv) the ability of Marina Biotech
and/or a partner to obtain required governmental approvals; and (v)
the ability of Marina Biotech and/or a partner to develop and
commercialize products prior to, and that can compete favorably
with those of, competitors. Additional factors that could cause
actual results to differ materially from those projected or
suggested in any forward-looking statements are contained in Marina
Biotech's most recent periodic reports on Form 10-K and Form 10-Q
that are filed with the Securities and Exchange Commission. Marina
Biotech assumes no obligation to update and supplement
forward-looking statements because of subsequent events.
Contact Information
Marina Biotech, Inc.
Michael French
Chief Executive Officer
(425) 908-3642
jmfrench@marinabio.com
Posted: June 2012
