Marina Biotech Announces Closure of Cambridge Site and Consolidation of R&D Operations in Bothell, WA
Company Initiates Dosing in the First Patient in Cohort 2 of the START-FAP Clinical Trial
BOTHELL, WA, Feb 14, 2012 (MARKETWIRE via COMTEX) -- Marina Biotech, Inc. (otcqx:MRNA), a leading nucleic acid-based drug discovery and development company, today announced the closure of its Cambridge site and the consolidation of all research and development efforts at its headquarters in Bothell, WA. In addition, the Company announced dosing of the first patient in Cohort 2 in the Dose Escalation Phase of the START-FAP (Safety and Tolerability of An RNAi Therapeutic in Familial Adenomatous Polyposis) clinical trial with CEQ508.
"After considerable review, we have decided to close our Cambridge site and transfer those research and development efforts to our headquarters in Bothell, WA," said J. Michael French, President & CEO of Marina Biotech. "This move will not affect the START-FAP trial as noted by our announcement today of Cohort 2 dosing. Further, we expect to continue to develop the tkRNAi platform in our labs in Bothell. The closing of the Cambridge site is consistent with our continued efforts to reduce our cash utilization. The individuals affected by this decision were all part of the former Cequent team who then, and certainly over the past several years, were instrumental to the development of CEQ508 and the successful execution of the START-FAP trial. I want to thank them for their efforts and wish them all well in their future endeavors."
About Marina Biotech, Inc.
Marina Biotech is a biotechnology company focused on the development and commercialization of oligonucleotide-based therapeutics utilizing multiple mechanisms of action including RNA interference (RNAi) and messenger RNA translational blocking. The Marina Biotech pipeline currently includes a clinical program 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 commercialization of the bladder cancer program. In addition, Marina Biotech has recently entered into an agreement with Mirna Therapeutics to license Marina Biotech's SMARTICLES(R) technology for the delivery of Mirna Therapeutics' microRNA mimics. 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. Additional information about Marina Biotech is available at http://www.marinabio.com .
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 funding; (ii) the ability of Marina Biotech to attract and/or maintain manufacturing, research, development and commercialization 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.
Marina Biotech, Inc.
Interim Chief Financial Officer
SOURCE: Marina Biotech, Inc.