BOTHELL, WA, Feb 10, 2011 (MARKETWIRE via COMTEX) --
Marina Biotech, Inc. (NASDAQ: MRNA), a leading RNAi-based drug
discovery and development company, today announced the pricing of an
underwritten public offering of 6,375,000 units at a price to the
public of $0.80 per unit, for gross proceeds of $5,100,000, before
deducting underwriting discounts and commissions and other estimated
offering expenses. Each unit consists of one share of common stock
and 0.1746 of a warrant to purchase one share of common stock. The
warrants are exercisable immediately upon issuance, have a seven-year
term and an exercise price of $0.80 per full share. The offering is
expected to close on or about February 15, 2011, subject to the
satisfaction of customary closing conditions.
Roth Capital Partners served as the sole manager for the offering.
Marina Biotech intends to use the proceeds from this offering for
general corporate purposes (including working capital and operational
purposes) and toward the clinical development of CEQ508, which is
currently in a Phase 1b/2a clinical trial for the treatment of
Familial Adenomatous Polyposis (FAP).
The units are being offered by Marina Biotech pursuant to a shelf
registration statement previously filed with and declared effective
by the Securities and Exchange Commission ("SEC") on September 30,
2010. A preliminary prospectus supplement relating to the offering
has been filed with the SEC and is available on the SEC's website
located at www.sec.gov. Copies of the final prospectus supplement
relating to the offering, when available, may be obtained from Roth
Capital Partners, LLC Syndicate Department, 24 Corporate Plaza,
Newport Beach, CA 92660, at 800-678-9147 and Rothecm@roth.com or from
the above-mentioned SEC website.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there be
any sale of these securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such jurisdiction.
About Marina Biotech, Inc.
Marina Biotech is a biotechnology
company, focused on the development and commercialization of
therapeutic products based on RNA interference (RNAi). The Marina
Biotech pipeline currently includes a clinical program in Familial
Adenomatous Polyposis (a precancerous syndrome) and two preclinical
programs -- in hepatocellular carcinoma and bladder cancer. Marina
Biotech has recently entered an exclusive agreement with Debiopharm
Group for the development and commercialization of the bladder cancer
program. Marina Biotech's goal is to improve human health through the
development of RNAi-based compounds and drug delivery technologies
that together provide superior therapeutic options for patients.
Additional information about Marina Biotech is available at
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; (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 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.
Marina Biotech, Inc.
Chief Financial Officer
SOURCE: Marina Biotech, Inc.