Marina Biotech Announces First Quarter 2015 Financial Results
Company Highlights Corporate Accomplishments in Intellectual Property and Nucleic Acid Delivery
(firmenpresse) - BOTHELL, WA -- (Marketwired) -- 05/14/15 -- Marina Biotech, Inc. (OTCQB: MRNA), a leading nucleic acid-based drug discovery and development company focused on rare diseases, today reported financial results for the three months ended March 31, 2015.
Corporate accomplishments thus far in 2015:
Expanded U.S. patent protection for the company''s TransKingdom RNAi (tkRNAi) technology with the issuance of US Pat. No. 9,012,213. The tkRNAi technology has existing patent protection in Europe, Japan, Korea, Australia, and Canada
Granted additional patent rights for its SMARTICLES® nucleic acid delivery technology in Japan
Granted additional patent rights for its Di-terminal Amino Acid Lipids (DILA2) in Japan, Europe, and Israel
Received a European process patent for liposome synthesis and preparation
Announced that licensee Mirna Therapeutics, Inc. reported delivering a double-stranded miRNA mimic to white blood cells of patients with multiple tumor types with the company''s SMARTICLES delivery technology
Received prepayment of a future milestone under our December 2011 SMARTICLES license with Mirna
"With the milestone payment we recently received from Mirna, we have improved our cash position allowing us to continue to move our corporate initiatives forward," stated J. Michael French, president & CEO of Marina Biotech. "We are focused on advancing our clinical and preclinical programs as well as bringing in additional capital through near-term licensing and collaboration transactions."
Cash and Assets
At March 31, 2015, we had cash of $1.2 million and assets totaling $8.0 million, compared to cash of $5.5 million and assets totaling $12.4 million at March 31, 2014.
Net loss
Net income for the three months ended March 31, 2015 was $0.4 million compared to net loss of $15.1 million for the three months ended March 31, 2014. The reduced loss in the current quarter is due to a gain related to the fair value of price adjustable warrants, which was partially offset by an increase in operating expenses.
Revenue
No revenue was recorded for the three months ended March 31, 2015 or 2014.
Operating Expenses
Research and development ("R&D") expense increased from $0.05 million for the three months ended March 31, 2014 to $0.25 million for the three months ended March 31, 2015. Increases in R&D were primarily related to the resumption of Familial Adenomatous Polyposis product development and increased stock compensation expense. General and administrative ("G&A") costs increased from $0.5 million for the three months ended March 31, 2014 to $1.1 million for the three months ended March 31, 2015. G&A increases were primarily due to legal and accounting fees related to regaining compliance with reporting obligations under the Securities Exchange Act of 1934 and increased personnel-related expenses.
Other Income and Expense
Net other income and/or expense decreased from an expense of $8.5 million in the three months ended March 31, 2014 to income of $1.7 million for the three months ended March 31, 2015, due solely to the change in the fair value measurements for price adjustable warrants. This change in fair value is related to stock price decreases in each period decreasing the fair value of certain liabilities and derivatives.
Marina Biotech is an oligonucleotide therapeutics company with broad drug discovery technologies providing the ability to develop proprietary single and double-stranded nucleic acid therapeutics including siRNAs, microRNA mimics, antagomirs, and antisense compounds, including messengerRNA therapeutics. These technologies were built via a roll-up strategy to discover and develop different types of nucleic acid therapeutics in order to modulate (up or down) a specific protein(s) which is either being produced too much or too little thereby causing a particular disease. We believe that the Marina Biotech technologies have unique strengths as a drug discovery engine for the development of nucleic acid-based therapeutics for rare and orphan diseases. Further, we believe Marina Biotech is the only company in the sector that has a delivery technology in human clinical trials with differentiated classes of payloads, through licensees ProNAi Therapeutics and Mirna Therapeutics, delivering single-stranded and double-stranded nucleic acid payloads, respectively. Our novel chemistries and other delivery technologies have been validated through license agreements with Roche, Novartis, MiNA, Monsanto, and Tekmira. The Marina Biotech pipeline currently includes a clinical program in Familial Adenomatous Polyposis (a precancerous syndrome) and a preclinical program in myotonic dystrophy. 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 .
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 filings with the Securities and Exchange Commission. Marina Biotech assumes no obligation to update or supplement forward-looking statements because of subsequent events.
Ryan Ferrell
Desk/Mobile: (312) 506-5202
J. Michael French
President and CEO
Marina Biotech, Inc.
(425) 892-4322
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 14.05.2015 - 14:30 Uhr
Sprache: Deutsch
News-ID 1359051
Anzahl Zeichen: 0
contact information:
Contact person:
Town:
BOTHELL, WA
Phone:
Kategorie:
Drugs
Anmerkungen:
Diese Pressemitteilung wurde bisher 162 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Marina Biotech Announces First Quarter 2015 Financial Results
"
steht unter der journalistisch-redaktionellen Verantwortung von
Marina Biotech, Inc. (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
