Marina Biotech Announces Closing of $1.5 MM Bridge Loan
News Feb 10, 2012
Under the terms of the loan, the Company sold promissory notes in the aggregate principal amount of $1.5 million and issued warrants to purchase an aggregate of approximately 3.7 million shares of the Company's common stock at $0.508 per share to certain accredited investors.
"As we continue to execute on our business strategy, this capital allows us necessary resources to achieve our first quarter objectives and provides us with the flexibility to pursue certain near-term partnering and financing options," said J. Michael French, President and CEO of Marina Biotech.
The loan will become due and payable on May 14, 2012, with interest calculated at 15% per annum and payable on the due date. The loan is to be secured against the assets of Marina Biotech, Inc. and its subsidiaries.
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