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Marina Biotech Awarded $733,000 in Grants for Qualifying Therapeutic Development Projects

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Marina Biotech, Inc. has announced that it was awarded cash grants totaling approximately $733,000 under the U.S. Government's Qualifying Therapeutic Discovery Project (QTDP) program.

"We are extremely pleased to receive the grants and to be recognized for our pre-clinical and clinical programs addressing unmet medical needs," said J. Michael French, President and CEO of Marina Biotech. "The QTDP grant program will help us fund these ongoing programs especially in this difficult economic environment."

The QTDP was created by Congress in March 2010 as part of the Patient Protection and Affordable Care Act and provides a tax credit or grant equal to 50% of eligible costs and expenses for tax years 2009 and 2010. The Department of Treasury further allocated these credits and grants among qualified applicants since the program was oversubscribed.

The Company submitted grant applications for three of its therapeutic development projects, namely CEQ508 for the treatment of Familial Adenomatous Polyposis, CEQ626 for the treatment of Inflammatory Bowel Disorder and the RNAi Therapeutics platform. It received grants for all three submitted projects.