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Marina Biotech Announces Binding Letter of Intent for the Sale of its DiLA2 Delivery Platform
Marina Biotech Announces Binding Letter of Intent for the Sale of its DiLA2 Delivery Platform.
About this update from Adhera Therapeutics Inc.
[{"type":"text","content":"\n\n CITY OF INDUSTRY, Calif., July 25, 2017 (GLOBE NEWSWIRE) -- Marina Biotech, Inc. (OTCQB:MRNA), a biopharmaceutical company focused on the development and commercialization of innovative therapeutics for disease intersections of arthritis, hypertension, and cancer, today announced that it has entered into a binding letter of intent with a biotech company in the gene editing space for the sale of Marina’s DiLA2 delivery platform.\n Under the terms of the letter of intent, Marina will receive $1.5 million, with $300,000 due upon the closing of the transaction and the balance of $1.2 million due upon either a successful fundraising by the buyer above a certain minimum dollar amount or the 1-year anniversary of the closing of the transaction, whichever comes first. The deadline for closing is August 30, 2017.  Marina will retain an exclusive, fully paid and royalty free license to DiLA2 outside of the field of gene editing, as well as the rights to license DiLA2 outside of gene editing. “This proposed transaction is consistent with Marina Biotech’s stated intentions to narrow its focus to pain and hypertension and to look to monetize its oligotherapeutic assets,” stated Joseph W. Ramelli, CEO of Marina Biotech. “Upon closing, this deal will bring in non-dilutive capital to Marina, which would extend our cash runway and allow us to invest in building out the commercial infrastructure to support the launch of the recently acquired Prestalia. We continue to seek out other opportunities to monetize our oligotherapeutic assets, be that either through a sale, a spin off to our shareholders, or by out-licensing of the technology.” About Marina Biotech, Inc.Marina Biotech's focus is to treat the intersection of arthritis, pain, hypertension, and oncology diseases using combination therapies of already approved drugs. Marina’s first FDA approved drug, Prestalia®, contains perindopril arginine, an ACE inhibitor, and amlodipine, a dihydropyridine calcium channel blocker, and is indicated for the treatment of hypertension to lower blood pressure. The company is developing and commercializing late stage, non-addictive pain therapeutics. The company's 'next-generation of celecoxib,' including IT-102 and IT-103, are designed to control the dangerous side-effect of edema that p...