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Marina Biotech Terminates Negotiations for Sale of Its Nucleic Acid Therapeutic Assets
Marina Biotech Terminates Negotiations for Sale of Its Nucleic Acid Therapeutic Assets.
About this update from Adhera Therapeutics Inc.
[{"type":"text","content":"\n \n \n Marina Biotech Terminates Negotiations for Sale of Its Nucleic Acid Therapeutic Assets\n \n \nMarina Biotech Terminates Negotiations for Sale of Its Nucleic Acid Therapeutic Assets\n \n BOTHELL, WA--(Marketwired - May 3, 2016) - Marina Biotech, Inc. (OTCQB: MRNA), a leading nucleic acid-based drug discovery and development company focused on rare diseases announced that they have terminated negotiations with Microlin Bio, Inc. for the sale of the Company's nucleic acid therapeutic assets as previously reported on March 15, 2016. \n \"After waiting six weeks for either a draft asset purchase agreement or a financing term sheet, we were finally presented a financing document yesterday to purchase our 'aged-debt,'\" stated J. Michael French, president and chief executive officer at Marina Biotech. \"The Marina Board of Directors and I found the lack of progress totally unacceptable and terminated any further discussions with Microlin. We believe we can better serve our shareholders by pursuing other alternatives at this time.\"\n About Marina Biotech, Inc.\n Marina Biotech is an oligonucleotide therapeutics company with broad drug discovery technologies providing the ability to develop proprietary single and double-stranded nucleic acid therapeutics including siRNAs, microRNA mimics, antagomirs, and antisense compounds, including messengerRNA therapeutics. These technologies were built via a roll-up strategy to discover and develop different types of nucleic acid therapeutics in order to modulate (up or down) a specific protein(s) which is either being produced too much or too little thereby causing a particular disease. We believe that the Marina Biotech technologies have unique strengths as a drug discovery engine for the development of nucleic acid-based therapeutics for rare and orphan diseases. Further, we believe Marina Biotech is the only company in the sector that has a delivery technology in human clinical trials with differentiated classes of payloads, through licensees ProNAi Therapeutics and Mirna Therapeutics, delivering single-stranded and double-stranded nucleic acid payloads, respectively. Our novel chemistries and other delivery technologies have been validated through license agreements with Roche, Novartis, Monsanto, and Tekmira. The Marina Biotech pipeline currently includes a clinic...