Marina Biotech Begins Trading on the OTCQX Tier of OTC Market
Feb 01, 2012
OTC Disclosure News Service
Bothell, WA –
Marina Biotech Begins Trading on the
OTCQX Tier of OTC Market
Bothell, WA, February 1, 2012 – Marina Biotech, Inc. (OTCQX: MRNA), a leading nucleic
acid-based drug discovery and development company, today announced that the Company’s
common stock will begin trading on the OTCQX tier of the OTC Markets commencing on
Thursday, February 2, 2012. The Company has been advised that its shares will trade under its
current symbol, “MRNA”. Investors will be able to view real-time stock quotes for “MRNA” at
“Marina Biotech and NASDAQ have worked hard together over the past several years to find
ways of maintaining the Company’s listing on the NASDAQ Stock Market,” stated J. Michael
French, President and CEO of Marina Biotech. “I and our Board of Directors have decided, at
this point, that the Company is not in a position to meet the listing standards of the NASDAQ
Stock Market and will move the trading of the Company’s common stock to the OTCQX
immediately. We believe this move allows us to focus on our current clinical development
program, cutting-edge research, partnering and licensing efforts as well as creating a more
favorable environment for long-term funding of the Company. By utilizing the strengths of the
OTC Markets, we believe we can be in a position in the future to return to a national securities
exchange if we so choose.”
On February 1, 2012, the Company received notification that the NASDAQ Hearings Panel has
determined to delist the Company’s common stock from the NASDAQ Stock Market, and will
suspend trading in the shares effective at the open of business on Thursday, February 2, 2012.
Thereafter, The NASDAQ Stock Market will file a Form 25-NSE with the Securities and
Exchange Commission to complete the delisting. The Company had the right to request an
additional appeal of this determination, but has decided that to do so is not in the best interest of
the Company’s shareholders. Marina Biotech plans to continue to file with the Securities and
Exchange Commission any and all reports as may be required under the Securities Exchange Act
of 1934, as amended, following the delisting.
On March 25, 2011, the Company received a letter from the Listing Qualifications Department
of The NASDAQ Stock Market notifying it that it was not in compliance with the minimum
$1.00 per share minimum bid price requirement for continued inclusion on The NASDAQ
Global Market, as a result of the bid price of the common stock having closed below $1.00 for
the 30 consecutive business days prior to the date of the letter. On October 27, 2011, the
Company participated in a hearing before the NASDAQ Listing Qualifications Panel to review
the Company’s plan to regain compliance with the minimum bid price requirement. In a
November 16, 2011 decision, the Panel provided the Company with an extension until January
31, 2012 to regain compliance with the minimum bid price requirement.
About OTC Markets Group Inc.
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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 its SMARTICLES® technology
for the delivery of 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
The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.