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Marina Biotech, Inc. Announces Year-to-Date 2012 Financial Results and Highlights Corporate Accomplishments
Marina Biotech, Inc. Announces Year-to-Date 2012 Financial Results and Highlights Corporate Accomplishments.
About this update from Adhera Therapeutics Inc.
[{"type":"text","content":"\nBothell, WA, December 6, 2012 – Marina Biotech, Inc. (OTC Pink: MRNA), a leading RNAi-based drug discovery and development company, yesterday reported financial results for the nine months ended September 30, 2012, and provided an update on 2012 corporate accomplishments. \n \n“We continue to rebuild the company, and improve shareholder value through a combination of deal-based, non-dilutive financing and aggressive expense management,” stated J. Michael French, President and Chief Executive Officer of Marina Biotech. “In the past six weeks, we have: (1) completed a licensing transaction bringing the total number of revenue-generating licensing agreements thus far this year to four; (2) been issued a key U.S. patent for our Unlocked Nucleobase Analog chemistry which allows us and our licensees to pursue multiple RNA-based oligonucleotide therapeutics in the RNAi and microRNA sectors; and, (3) completed the filings necessary so that we are now current in our periodic reporting under the Securities Exchange Act for the year. In addition, our licensee ProNAi reported that our SMARTICLES® delivery technology was shown to effectively and safely deliver oligonucleotides to tumors in a Phase 1 human clinical study. However, we still need significant additional capital to execute our strategy to be the single broadest nucleic acid drug discovery company in the industry. To that end, we continue to seek financing as well as both deal-based and strategic transaction opportunities to fund our operations and advance our clinical and preclinical programs. While there are still significant hurdles on our path toward success and there is no guarantee that we will survive or continue operating as an independent company, our team remains focused and dedicated to our stakeholders and to the development of unique nucleic acid-based therapeutics for the treatment of human disease.”\nFINANCIAL RESULTS\n \nNet loss\nNet loss for the nine months ended September 30, 2012 was approximately $5.5 million compared to a net loss of $11.6 million for same period in 2011. The decrease in our net loss is primarily a result of a decrease in operating expenses.\n\nRevenue\nRevenue for the nine months ended September 30, 2012 was approximately $2.9 million compared to $0.6 million in 2011.&nbs...