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Marina Biotech, Inc. Announces Year-to-Date 2012 Financial Results
Highlights Corporate Accomplishments
By: Marketwire .
Dec. 6, 2012 06:30 AM
BOTHELL, WA -- (Marketwire) -- 12/06/12 -- Marina Biotech, Inc. (PINKSHEETS: MRNA), a leading RNAi-based drug discovery and development company, yesterday reported financial results for the nine months ended September 30, 2012, and provided an update on 2012 corporate accomplishments.
"We continue to rebuild the company, and improve shareholder value through a combination of deal-based, non-dilutive financing and aggressive expense management," stated J. Michael French, President and Chief Executive Officer of Marina Biotech. "In the past six weeks, we have: (1) completed a licensing transaction bringing the total number of revenue-generating licensing agreements thus far this year to four; (2) been issued a key U.S. patent for our Unlocked Nucleobase Analog chemistry which allows us and our licensees to pursue multiple RNA-based oligonucleotide therapeutics in the RNAi and microRNA sectors; and, (3) completed the filings necessary so that we are now current in our periodic reporting under the Securities Exchange Act for the year. In addition, our licensee ProNAi reported that our SMARTICLES® delivery technology was shown to effectively and safely deliver oligonucleotides to tumors in a Phase 1 human clinical study. However, we still need significant additional capital to execute our strategy to be the single broadest nucleic acid drug discovery company in the industry. To that end, we continue to seek financing as well as both deal-based and strategic transaction opportunities to fund our operations and advance our clinical and preclinical programs. While there are still significant hurdles on our path toward success and there is no guarantee that we will survive or continue operating as an independent company, our team remains focused and dedicated to our stakeholders and to the development of unique nucleic acid-based therapeutics for the treatment of human disease."
Selling, general and administrative expenses for the nine months ended September 30, 2012 decreased 49% compared to the same period of 2011 from approximately $6.5 million to $3.3 million.
Restructuring expense for the nine months ended September 30, 2012 was approximately $1.5 million, compared to $1.4 million in the same period of 2011. The 2012 expense relates primarily to charges associated with our facility at 3830 Monte Villa Parkway. In September 2012, we sold most of the remaining property and equipment at the 3830 Monte Villa Parkway facility and abandoned the leasehold improvements at that facility. We terminated our lease for this facility effective October 1, 2012 and expect to record additional restructuring charges related to the termination in the fourth quarter of 2012. Earlier in 2012, we closed our Cambridge site and recorded restructuring expense of approximately $35,000. In 2011 we terminated the lease for our facility at 3450 Monte Villa Parkway and issued shares to the landlord.
Interest and Other Expense
In the first nine months of 2012, we recognized revenue from upfront payments and other payments from collaborative partners totaling $2.9 million, executed an agreement for a secured loan in the aggregate principal amount of $1.5 million, currently due at the end of the year, and raised net proceeds of approximately $1.1 million in a public stock offering. We believe that our current resources will be sufficient to fund our planned, limited operations only until the end of 2012 without securing additional funding.
CORPORATE ACCOMPLISHMENTS IN 2012
About Marina Biotech, Inc.
Statements made in this news release may be forward-looking statements within the meaning of Federal Securities laws that are subject to certain risks and uncertainties and involve factors that may cause actual results to differ materially from those projected or suggested. Factors that could cause actual results to differ materially from those in forward-looking statements include, but are not limited to: (i) the ability of Marina Biotech to obtain additional and substantial funding in the immediate future; (ii) the ability of Marina Biotech to attract and/or maintain research, development, commercialization and manufacturing partners; (iii) the ability of Marina Biotech and/or a partner to successfully complete product research and development, including preclinical and clinical studies and commercialization; (iv) the ability of Marina Biotech and/or a partner to obtain required governmental approvals; and (v) the ability of Marina Biotech and/or a partner to develop and commercialize products prior to, and that can compete favorably with those of, competitors. Additional factors that could cause actual results to differ materially from those projected or suggested in any forward-looking statements are contained in Marina Biotech's most recent periodic reports on Form 10-K and Form 10-Q that are filed with the Securities and Exchange Commission. Marina Biotech assumes no obligation to update and supplement forward-looking statements because of subsequent events.
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