Marina Biotech, Inc. (OTCMKTS:MRNA) which is a small capped drug maker HQ’ed in Bothell has been in the news last week for two reasons. One is the update it provided on its roadmap for developing new drugs using its proprietary compounds, and the second is the raising of $6 million in proceeds through the sale of some of its shares. The two updates had been made by the firm on 11th March, and had led to intense investor interest in the stock. This resulted in a 15 percent increase in market valuation during trading in the past week.
New Road Map
Marina Biotech, Inc. (OTCMKTS:MRNA) disclosed that it would be using its proprietary “RNAi, Antisense and microRNA Therapeutics Platform” in developing cures for some of the most rare diseases in the world. As per the new plan, it announced accelerated execution of its phase 1 clinical testing of target drug compound “Familial Adenomatous Polyposis”. These reset plans were also highlighted by the company CEO Michael French at the ongoing BIO-Europe Spring 2014 conference which is currently on in Italy.
$6 M From Sale Of Warrants
The firm also disclosed that it had completed the sale of preferred stock and warrants to institutional investors in an unregistered private placement, from which it generated $6 million in revenue. The preferred stock was offered in the form of Series C Convertible stock and warrants had been priced at $0.75 per warrant and have a five year term.
Expressing his happiness at these two new developments in the same time span, Marina Biotech, Inc. (OTCMKTS:MRNA) CEO 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.”