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Microlin Bio to Acquire Nucleic Acid Therapeutic Assets of Marina Biotech
Microlin Bio to Acquire Nucleic Acid Therapeutic Assets of Marina Biotech.
About this update from Adhera Therapeutics Inc.
[{"type":"text","content":"\n \n \n Microlin Bio to Acquire Nucleic Acid Therapeutic Assets of Marina Biotech\n \n \nMicrolin Bio to Acquire Nucleic Acid Therapeutic Assets of Marina Biotech\n\nMarina to Pursue Asset Purchase and Reverse Merger Opportunities\n\n \n NEW YORK, NY and BOTHELL, WA--(Marketwired - Mar 15, 2016) - Microlin Bio, Inc. (OTCQB: MICB), a development stage biotechnology company focused on the development of microRNA based therapeutics for cancer, and Marina Biotech, Inc. (OTCQB: MRNA), a leading nucleic acid-based drug discovery and development company focused on rare diseases, announced that the companies have executed a term sheet under which Microlin intends to acquire Marina's nucleic acid therapeutics assets. Pending the negotiation of the definitive agreement and company shareholder approvals, Microlin is expected to acquire Marina's nucleic acid therapeutics assets for 6.7 million common shares and approximately $1 million in cash. \n The Marina assets to be acquired will include a Phase 1 program for the treatment of Familial Adenomatous Polyposis, which has both U.S. FDA Orphan Drug and Fast Track designations, as well as Marina's multiple licensing and partnership agreements. In addition, Microlin will be acquiring a global intellectual property estate with 148 issued or allowed patents and over 95 pending patents, which provide broad coverage for both novel nucleic acid chemistries and delivery technologies. \n \"We are pleased to have taken this first step to acquiring Marina's nucleic acid therapeutics assets,\" stated Joseph Hernandez, CEO and Chairman at Microlin Bio. \"We believe that the technology and intellectual property estate will be a significant addition to Microlin's novel micoRNA drug discovery platform. We plan to take full advantage of our new IP position by exploring and developing novel chemistry modifications and delivery formulations for the further advancement of our novel microRNA therapeutics pipeline. In addition, Marina's Phase 1 program will provide Microlin with a clinical asset which we could advance to first commercial launch within three years. In addition to Marina's existing agreements, we believe we will be able to continue to leverage Marina's broad nucleic acid drug discovery capabilities to add incremental value through new licensing and partnering agreements. We look for...