-- Through the acquisition of Cequent Pharmaceuticals, added clinical candidate CEQ508, an orally delivered RNAi-based therapeutic for the treatment of Familial Adenomatous Polyposis to the Company's oncology pipeline. -- Received institutional site and clinical protocol approval at Massachusetts General Hospital for the Company's Phase 1b/2a trial of CEQ508. -- Announced positive interim safety results of a long-term toxicology study with CEQ508. -- Expanded the long-term toxicology study with CEQ508 for an additional three months to support up to a nine month Phase 2 trial. -- Demonstrated RNAi mediated down regulation of two gene targets with two UsiRNAs when combined in a single formulation, in a rodent bladder cancer model. -- Demonstrated that local administration (intravesicle administration) of a UsiRNA/DiLA2 based formulation was well tolerated in rodents and non-human primates with single and repeat doses.Advanced RNAi Drug Discovery Platform:
-- Through the acquisition of Cequent Pharmaceuticals, added the transkingdomRNAi drug discovery platform (tkRNAi) for development of orally delivered RNAi-based therapeutics for gastrointestinal diseases such as colon cancer and inflammatory bowel disease. -- Through the acquisition of the intellectual property of Novosom AG, added the SMARTICLES ® liposomal-based delivery system for systemic and local delivery of RNAi-based therapeutics.Advanced R&D Collaboration Opportunities:
-- In total, Marina Biotech is currently supporting six early collaborative efforts, including the Pfizer and AstraZeneca relationships.Advanced Intellectual Property Portfolio:
-- Announced allowance of a U.S. patent 11/745,003 broadly covering amphoteric liposomal siRNA delivery technology, including the recently acquired technology from Novosom AG. -- Announced issuance of a U.S. patent 7,780,983 broadly covering processes for preparing amphoteric liposomes. -- The acquisition of the Cequent and Novosom intellectual property patent estates provides Marina Biotech with a global portfolio including 61 issued or allowed patents; 56 U.S. patent applications; 146 foreign patent applications; and 8 PCT applications providing broad coverage for siRNAs, chemistry, delivery and gene targets.Presented at Numerous Scientific and Investor Meetings and Conferences:
-- Presented at the following scientific meetings: Liposomes 2010. -- Presented at the following investor and partnering meetings: BMO Capital Markets 10th Annual Focus on Healthcare Conference; and CANACCORD/Genuity 30th Annual Global Growth Conference 2010; Rodman & Renshaw 12th Annual Global Healthcare Conference; and BioPharm America 2010 Investor Forum.Conference Call and Webcast Information Management will host a conference call to provide a business update and to review financial results for the quarter ended September 30, 2010. The call is scheduled for Wednesday, November 10, at 4:30 pm Eastern Time (1:30 pm Pacific Time). To participate in the live conference call, U.S. residents should dial 866-770-7125 and international callers should dial 617-213-8066. The participant code for the live conference call is 91213909. To access the 24-hour telephone replay, U.S. residents should dial 888-286-8010 and international callers should dial 617-801-6888. The participant code for the replay is 17851284. Alternatively, to access the live audio webcast for this conference call, please go to Marina Biotech's Web site at http://www.marinabio.com approximately 15 minutes prior to the conference call in order to register and download any necessary software. A replay of the webcast will be available for 30 days following the event. About Marina Biotech, Inc. Marina Biotech (formerly known as MDRNA, Inc.) is a biotechnology company, focused on the development and commercialization of therapeutic products based on RNA interference (RNAi). Marina Biotech's 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'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 http://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 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. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In Thousands, Except Per Share Data) Three Months Ended Nine Months Ended September 30, September 30, 2009 2010 2009 2010 ----------- ----------- ----------- ----------- (Unaudited) (Unaudited) (Unaudited) (Unaudited) License and other revenue $ 64 $ 1,130 $ 14,524 $ 1,507 ----------- ----------- ----------- ----------- Operating expenses: Research and development 3,319 7,500 11,775 14,936 Selling, general and administrative 3,478 3,092 7,836 7,899 Restructuring 118 460 429 746 ----------- ----------- ----------- ----------- Total operating expenses 6,915 11,052 20,040 23,581 ----------- ----------- ----------- ----------- Income (loss) from operations (6,851) (9,922) (5,516) (22,074) Other income (expense): Interest income 1 --- 4 --- Interest and other expense --- (321) (311) (1,645) Net gain on settlement of liabilities --- 29 654 29 Change in fair value price adjustable warrants (160) 2,806 (2,092) 2,691 ----------- ----------- ----------- ----------- Net loss $ (7,010) $ (7,408) $ (7,261) $ (20,999) =========== =========== =========== =========== Basic and diluted net loss per share: Net loss per common share -- basic and diluted $ (0.69) $ (0.35) $ (0.80) $ (1.40) =========== =========== =========== =========== Shares used in computing net loss per share - basic and diluted 10,178 20,982 9,084 15,045 =========== =========== =========== =========== December 31, September 30, Selected Balance Sheet Data (In Thousands) 2009 2010 ------------ ------------ (Unaudited) (Unaudited) Cash (includes restricted cash of $998 and $1,157, respectively) $ 1,746 $ 2,104 Accounts Receivable, net 211 161 Property and Equipment and Other Assets 5,272 4,844 Goodwill and Intangible Assets --- 30,531 ------------ ------------ Total Assets 7,229 37,640 ============ ============ Notes Payable, net of Discount 317 --- Fair Value Liability for Price Adjustable Warrants 7,243 3,500 Deferred Taxes --- 8,085 ------------ ------------ Other Liabilities 6,555 8,851 ------------ ------------ Total Liabilities 14,115 20,436 ============ ============ Accumulated Deficit (263,017) (284,016) ============ ============
Contact Information: Contacts: Marina Biotech, Inc.: Peter Garcia Chief Financial Officer (425) 908-3603