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BOTHELL, WA -- (Marketwired) -- 08/13/15 -- Marina Biotech, Inc. (OTCQB: MRNA), a leading nucleic acid-based drug discovery and development company focused on rare diseases, today reported financial results for the three months ended June 30, 2015.
Corporate accomplishments thus far in 2015:
"Marina Biotech continues to build momentum in 2015," stated J. Michael French, president & chief executive officer of the company. "Our near term focus is on closing licensing and partnering transactions in order to bring in additional capital to move our pipeline forward. With our recent financing, I believe we have enough runway to close those licensing and partnering transactions, as well as to pursue some limited activities intended to advance our preclinical programs. Further, the recent FDA Fast Track designation for CEQ508 has significantly increased the potential value of this program and likely opened additional licensing opportunities. We are encouraged by our progress over the past several months and believe the second half of 2015 will be transformative for the company."
Cash and Assets At June 30, 2015, we had cash of $0.73 million and assets totaling $7.6 million, compared to cash of $1.8 million and assets totaling $9.2 million at December 31, 2014. Subsequent to the quarter close, on August 5, 2015, we entered into a Securities Purchase Agreement pursuant to which we sold 220 shares of our Series D Convertible Preferred Stock, and price adjustable warrants to purchase up to 3.44 million shares of our common stock at an exercise price of $0.40 per share, for an aggregate purchase price of $1.1 million.
Net Loss Net income for the three months ended June 30, 2015 was $0.9 million compared to net income of $3.9 million for the three months ended June 30, 2014. The lower net income in the current quarter is due primarily to the change in the fair value of price adjustable warrants along with an increase in operating expenses.
Revenue The company recorded revenue of $0.4 million for the three months ended June 30, 2015. The company had no revenue for the three months ended June 30, 2014.
Operating Expenses Research and development (R&D) costs increased from $0.05 million for the three months ended June 30, 2014 to $0.2 million for the three months ended June 30, 2015, due primarily to increased stock compensation expense. General and administrative ("G&A") costs increased from $0.6 million for the three months ended June 30, 2014 to $1.2 million for the three months ended June 30, 2015. G&A increases were primarily due to legal and accounting fees related to regaining compliance with reporting obligations under the Securities Exchange Act of 1934 and increased personnel-related expenses.
Other Income and Expense Net other income and/or expense decreased from income of $4.6 million in the three months ended June 30, 2014 to income of $1.9 million for the three months ended June 30, 2015, due primarily to the change in the fair value measurements for price adjustable warrants. This change in fair value is related to stock price decreases in each period decreasing the fair value of certain liabilities and derivatives.
About Marina Biotech, Inc.
Marina Biotech is an oligonucleotide therapeutics company with broad drug discovery technologies providing the ability to develop proprietary single and double-stranded nucleic acid therapeutics including siRNAs, microRNA mimics, antagomirs, and antisense compounds, including messengerRNA therapeutics. These technologies were built via a roll-up strategy to discover and develop different types of nucleic acid therapeutics in order to modulate (up or down) a specific protein(s) which is either being produced too much or too little thereby causing a particular disease. We believe that the Marina Biotech technologies have unique strengths as a drug discovery engine for the development of nucleic acid-based therapeutics for rare and orphan diseases. Further, we believe Marina Biotech is the only company in the sector that has a delivery technology in human clinical trials with differentiated classes of payloads, through licensees ProNAi Therapeutics and Mirna Therapeutics, delivering single-stranded and double-stranded nucleic acid payloads, respectively. Our novel chemistries and other delivery technologies have been validated through license agreements with Roche, Novartis, MiNA, Monsanto, and Tekmira. The Marina Biotech pipeline currently includes a clinical program in Familial Adenomatous Polyposis (a precancerous syndrome) and a preclinical program in myotonic dystrophy. 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 www.marinabio.com.
Marina Biotech 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; (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 filings with the Securities and Exchange Commission. Marina Biotech assumes no obligation to update or supplement forward-looking statements because of subsequent events.
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