BioCentury
ARTICLE | Company News

Marina Biotech cancer news

August 27, 2012 7:00 AM UTC

Marina reduced the size of its board to three from six and said President and CEO J. Michael French will replace James Karis as chairman. Additionally, Marina negotiated with unsecured creditors and issued about 3.2 million shares of common stock to settle about $1.1 million in outstanding payments. Marina believes it will be able to issue an additional 2.5 million shares to settle $725,000 in additional outstanding obligations. On Aug. 8, Marina extended the maturity date of its $1.3 million secured loan to Dec. 31 from June 15.

Marina said it continues to identify strategic opportunities and seek additional funding. If additional funds are not received in the near term, Marina said it may need to further reduce or cease operations completely. In June, Marina said it furloughed about 90% of its employees and ceased most day-to-day operations, including the Phase Ib/IIa START-FAP trial evaluating CEQ508 in patients with familial adenomatous polyposis (FAP). CEQ508 is an oral RNAi targeting beta-catenin (CTNNB1) delivered using Marina's transKingdom RNAi (tkRNAi) technology (see BioCentury, June 11). ...