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CITY OF INDUSTRY, CA -- (Marketwired) -- 07/05/17 --
Marina Biotech, Inc. (OTCQB: MRNA), a biopharmaceutical company focused on the development and commercialization of innovative therapeutics for disease intersections of arthritis, hypertension and cancer, announced today that Dr. Vuong Trieu, has been appointed to serve as Executive Chairman after having served as Chairman of the Board since November of 2016. As Executive Chairman, Dr. Trieu will take on a more active role in the day-to-day operations of the business and future developments of the Company.
Joseph Ramelli, CEO of Marina Biotech, stated, "We are pleased to announce that our Chairman of the Board, Dr. Vuong Trieu, has accepted his appointment as Executive Chairman. The guidance Dr. Trieu has provided in his previous role has been exponential in the development of our growth strategy and product initiatives. His new role will only further deepen his involvement with Marina Biotech."
Additionally, the company announced the closing of a $400,000 unsecured convertible note financing led by Executive Chairman, Dr. Vuong Trieu, and Dr. Larn Hwang, Chief Science Officer. The notes bear interest at a rate of 5%, are due on June 1, 2018 and are convertible into common stock at $0.35 per share. Proceeds from the financing will be used for day-to-day operations and to support the commercial launch of Prestalia, including the recent launch of sales in the state of New York.
Mr. Ramelli continued, "Dr. Trieu and Dr. Larn Hwang, CSO of Marina Biotech were lead investors in our convertible note financing demonstrating their belief in the innovation taking place at Marina Biotech, including the development of a next generation celecoxib for use as a substitute for opioids. We are grateful that in addition to all of their hard work and guidance, Vuong and Larn have chosen to give their financial support to the company as well."
About Marina Biotech
Marina Biotech's focus is to treat the intersection of arthritis, pain, hypertension, and oncology diseases using combination therapies of already approved drugs. The company is developing and commercializing late stage, non-addictive pain therapeutics. The company's 'next-generation of celecoxib,' including IT-102 and IT-103, are designed to control the dangerous side-effect of edema that prohibits the drug from being prescribed at higher doses. These have the potential of replacing opioids and combatting the opioid epidemic. Additionally we are developing therapeutic microbiome using the only orally bioavailable siRNAs platform against FAP and IBD. 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 successfully integrate its business operations with those of IthenaPharma; (ii) the ability of Marina Biotech to obtain funding to support its clinical development; (iii) the ability of Marina Biotech to attract and/or maintain manufacturing, research, development and commercialization partners; (iv) the ability of Marina Biotech and/or a partner to successfully complete product research and development, including preclinical and clinical studies and commercialization; (v) the ability of Marina Biotech and/or a partner to obtain required governmental approvals; and (vi) 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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