Marina Biotech, Inc. (OTCMKTS:MRNA) stock was up 16.6 percent during trading on 11th March on the back of news that it is all set to continue further testing of its proven “RNAi, Antisense and microRNA Therapeutics” treatment process to develop new treatments for rare diseases. On the same day the drug designer also announced that it had completed the additional fund infusion by selling 6 million of its preferred stock to institutional buyers.
Next Stage Of Testing To Be Fast Tracked
Thanks to the infusion of new funding Marina Biotech, Inc. (OTCMKTS:MRNA) is expected to speed up its phase i testing on its target drug Adenomatous Polyposis, which has been designed to treat ailments related to dystrophies. The initial findings of these phase 1 testing is going to be shared with the conference participants at “‘BIO-Europe Spring® 2014” which is being held today in Turin, Italy.
New Funding Received
The additional $6 million funding was secured by the issue of Series C preferred stock which can be converted to common stock and warrants at a later date. The preferred stock can be converted into common stock at a previously agreed price of $0.75 per share and the warrants issued can be exercised at 0.75 per share. The warrants have a time term of five years to be exchanged. The development stage drug firm also managed to trade in the promissory notes that it had issued to certain creditors in lieu of 1.9 million shares of common stock.
Expressing his happiness at the flow of events in the run up to the conference in Italy today, Marina Biotech, Inc. (OTCMKTS:MRNA) Chairman of the Board, President, Chief Executive Officer J. Michael French has been quoted to have said that, “We are now in a strong position for Marina Biotech to evolve into a rare disease drug development company. We have the capability to pursue multiple nucleic acid therapeutics that use a variety of mechanisms of action including RNAi, mRNA translational inhibition, exon-skipping, steric blocking, microRNA inhibition and microRNA replacement”.