Marina Biotech, Inc. has announced that it has completed the closing of the previously announced equity investment of up to $5 million with Socius CG II, Ltd. ("Socius"), a Bermuda-based subsidiary of Socius Capital Group, LLC, and will be filing a registration statement on Form S-3 to register the shares for resale by Socius.
Once the S-3 is filed and declared effective by the U. S. Securities and Exchange Commission, and subject to the satisfaction of the other conditions set forth in the Securities Purchase Agreement between the Company and Socius, the funds available under the agreement will be accessible by the Company.
"This unique financing structure permits us to access funds as they are required in the near future," stated J. Michael French, President and Chief Executive Officer at Marina Biotech, Inc.
French continued, "With what we believe is the most unique and broadest nucleic acid drug discovery platform in the industry, we want to ensure we have the necessary funds to continue to execute on our business strategy. In 2011, we established ourselves broadly across the oligonucleotide therapeutic space with two technology deals (an RNAi drug discovery partnership with The Debiopharm Group and a microRNA delivery license with Mirna Therapeutics) as well as two separate nucleic acid technologies in clinical development (liposomal delivery of a single-stranded DNA through a license with ProNAi Therapeutics and our own on-going START-FAP (Safety and Tolerability of An RNAi Therapeutic in Familial Adenomatous Polyposis) clinical trial with CEQ508). We feel access to these funds will give us the necessary financial flexibility to continue to execute on our pre-clinical, clinical and partnering objectives."