Advanced RNAi Clinical Program: -- Enrolled first patient in the Dose Escalating Phase of our Phase 1b/2a clinical trial, Safety and Tolerability of An RNAi Therapeutic in FAP or START-FAP, with CEQ508 intended for the treatment of Familial Adenomatous Polyposis (FAP). -- Received orphan drug status designation for CEQ508 for the treatment of FAP. -- Completed the 9 month toxicology study in non-human primates with CEQ508 to support a Phase 2 trial. Advanced RNAi Drug Discovery Platform: -- Announced that the first patient has received a novel cancer therapeutic candidate formulated in our proprietary SMARTICLES® delivery technology by ProNAi Therapeutics Inc., a privately held biopharmaceutical company and licensee of the SMARTICLES® technology. -- Published pre-clinical research on gene specific silencing targeting Survivin and PLK1 in bladder cancer research resulting in up to a 60-fold decrease in tumor volume. -- Published preclinical research highlighting the improved specificity and high potency of our proprietary UsiRNA constructs. -- Reported data demonstrating significant knockdown, up to 90%, of target mRNA in an orthotopic model of malignant ascites with our proprietary UsiRNA construct and DiLA2-based delivery system. Advanced Partnering and R&D Collaboration Opportunities: -- Announced an exclusive agreement with Debiopharm for the development and commercialization of our pre-clinical program in bladder cancer. The agreement fully funds the current and future development of the bladder cancer program and up to $25 million in future milestones and royalties. -- In total, we are currently supporting four early collaborative efforts, including AstraZeneca. Advanced Intellectual Property Portfolio: -- Announced notice of allowance for patent application U.S. 12/114,284 covering our proprietary DiLA2 delivery platform. -- Announced patent EP0780087 broadly covering peptide-siRNA conjugates for the delivery of siRNA to cells. The claims broadly cover a peptide conjugated to an siRNA, independent of sequence. -- Announced that the Japanese Patent Office has issued patent application 2007-509522 covering our proprietary nucleic acid condensing and delivery peptide motifs adding to our global peptide-based delivery patent portfolio. -- Announced acquisition of issued patents for modified nucleosides including CRN's (Conformationally Restricted Nucleosides). -- The acquisition of the Cequent and Novosom intellectual property patent estates provides us with a global portfolio including 70 issued or allowed patents; 54 U.S. patent applications; 135 foreign patent applications; and 5 PCT applications providing broad coverage for siRNAs, chemistry, delivery and gene targets. Presented at Scientific and Investor Meetings and Conferences: -- Presented at the following scientific meetings: 3rd Annual Asia TIDES; 11th Annual EuroTIDES Conference. -- Presented at the following investor and partnering meetings: ROTH 23rd Annual OC Growth Conference; 13th Annual BIO CEO Conference; Biotech Showcase 2011; 22nd Annual Piper Jaffray Health Care Conference; BIO Europe 2010; and the 9th Annual BIO 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 year and quarter ended December 31, 2010. The call is scheduled for Wednesday, March 23, at 4:30 pm Eastern Time (1:30 pm Pacific Time). To participate in the live conference call, U.S. residents should dial 866-761-0749 and international callers should dial 617-614-2707. The participant code for the live conference call is 82083850. 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 74922683. 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 is a biotechnology company, focused on the development and commercialization of RNA interference- (RNAi) and RNA-based therapeutics. 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 and RNA-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 Year Ended December 31, December 31, 2009 2010 2009 2010 --------- --------- --------- --------- (Unaudited) License and other revenue $ 208 $ 953 $ 14,732 $ 2,460 --------- --------- --------- --------- Operating expenses: Research and development 3,107 3,169 14,882 18,105 Selling, general and administrative 2,252 1,596 10,088 10,359 Restructuring 26 2,780 455 3,526 --------- --------- --------- --------- Total operating expenses 5,385 7,545 25,425 31,990 --------- --------- --------- --------- Loss from operations (5,177) (6,592) (10,693) (29,530) Other income (expense): Interest and other income 1 244 5 244 Interest and other expense (227) (1,162) (538) (2,807) Net gain/(loss) on settlement of liabilities --- (49) 654 (20) Change in fair value of price adjustable warrants and subscription investment units 4,618 1,669 2,526 4,360 --------- --------- --------- --------- Net loss $ (785) $ (5,890) $ (8,046) $ (27,753) ========= ========= ========= ========= Basic and diluted net loss per share: Net loss per common share -- basic and diluted $ (0.08) $ (0.23) $ (0.86) $ (1.58) ========= ========= ========= ========= Shares used in computing net loss per share -- basic and diluted 10,196 25,078 9,364 17,574 ========= ========= ========= ========= Selected Balance Sheet Data (In Thousands) December 31, December 31, 2009 2010 ----------- ----------- (Unaudited) (Unaudited) Cash (includes restricted cash of $998 and $1,017, respectively) $ 1,746 $ 2,083 Accounts Receivable, net 211 59 Property and Equipment and Other Assets 5,272 4,567 Intangible Assets --- 22,734 ----------- ----------- Total Assets 7,229 29,443 =========== =========== Notes Payable, net of Discount 317 --- Fair Value Liabilities for Price Adjustable Warrants and Subscription Investment Units 7,243 3,266 Deferred Taxes, net --- 1,202 ----------- ----------- Other Liabilities 6,555 7,806 ----------- ----------- Total Liabilities 14,115 12,274 =========== =========== Accumulated Deficit (263,017) (290,770) =========== ===========
Contact Information: Contacts: Marina Biotech, Inc.: Peter Garcia Chief Financial Officer (425) 908-3603