-- 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