Marina Seals Socius Investment
Marina Biotech, a leading Washington State-based drug discovery and development company, announced today [Jan.6] that it has completed the closing of the previously announced equity investment of up to $5 million with Socius CG II, Ltd., a Bermuda-based subsidiary of Socius Capital Group, LLC, and will be filing a registration statement on Form S-3 to register the shares for resale by Socius.
Once the S-3 is filed and declared effective by the US Securities & Exchange Commission, and subject to the satisfaction of the other conditions set forth in the Securities Purchase Agreement between the company and Socius, the funds available under the agreement will be accessible by Marina.
Bermuda’s Socius Capital Group and its subsidiaries invest in emerging growth comp anies in the United States, Canada, Europe and Australia.
“This unique financing structure permits us to access funds as they are required in the near future,” stated J. Michael French, president and CEO at Marina Biotech, Inc. “With what we believe is the most unique and broadest nucleic acid drug discovery platform in the industry, we want to ensure we have the necessary funds to continue to execute on our business strategy.
“In 2011, we established ourselves broadly across the oligonucleotide therapeutic space with two technology deals — an RNAi drug discovery partnership with The Debiopharm Group and a microRNA delivery license with Mirna Therapeutics — as well as two separate nucleic acid technologies in clinical development.
“We feel access to these funds will give us the necessary financial flexibility to continue to execute on our pre-clinical, clinical and partnering objectives.”
Marina Biotech is a biotechnology company, focused on the development and commercialization of oligonucleotide-based therapeutics utilising multiple mechanisms of action including RNA interference [RNAi] and messenger RNA translational blocking.
The Marina Biotech pipeline currently includes a clinical programme in Familial Adenomatous Polyposis [a precancerous syndrome] and two preclinical programs — in bladder cancer and malignant ascites. Marina Biotech entered into an exclusive agreement with The Debiopharm Group for the development and commercialisation of the bladder cancer program.
Marina Biotech’s goal is to improve human health through the development of RNAi- and oligonucleotide-based compounds and drug delivery technologies that together provide superior therapeutic options for patients.
