Continues to Seek Substantial Funding and Strategic Opportunities
BOTHELL, WA, Jun 01, 2012 (MARKETWIRE via COMTEX) --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
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(R)
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.
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.
Marina Biotech, Inc.
Chief Executive Officer
SOURCE: Marina Biotech, Inc.