Current Report Filing (8-k)
July 21 2017 - 5:02PM
Edgar (US Regulatory)
UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date
of Report (Date of Earliest Event Reported):
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July
17, 2017
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Marina
Biotech, Inc.
(Exact name of registrant as specified in its charter)
Delaware
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000-13789
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11-2658569
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(State
or other jurisdiction
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(Commission
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(I.R.S.
Employer
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of
incorporation)
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File
Number)
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Identification
No.)
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17870
Castleton Street, Suite 250
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City
of Industry, CA
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91748
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(Address
of principal executive offices)
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(Zip
Code)
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Registrant’s
telephone number, including area code:
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626-964-5788
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N/A
Former name or former address, if changed since last report
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:
[ ]
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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[ ]
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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[ ]
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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[ ]
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company [ ]
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]
Item
1.01 Entry into a Material Definitive Agreement.
On
July 17, 2017, Marina Biotech, Inc. (the “Company”) entered into a License Agreement (the “License Agreement”)
with Oncotelic, Inc. (“Oncotelic”) pursuant to which, among other things, the Company provided to Oncotelic a license
regarding the Company’s SMARTICLES platform for the delivery of antisense DNA therapeutics, as well as a license to the
Company’s conformationally restricted nucleotide (“CRN”) technology with respect to TGF-Beta. This represents
the first time that the Company’s SMARTICLES technologies have been licensed in connection with delivery of the Company’s
proprietary CRN technology and other antisense nucleotides.
Under
the terms of the License Agreement, Oncotelic agreed to purchase 490,196 shares of the common stock of the Company for an aggregate
purchase price of $250,000 ($0.51 per share), with such purchase and sale to be made pursuant to a Stock Purchase Agreement to
be entered into between the Company and Oncotelic within thirty (30) days following the date of the License Agreement.
Under
the terms of the License Agreement, the Company could receive up to $90 million in success-based milestones based on commercial
sales of licensed products. In addition, if Oncotelic determines to pursue further development and commercialization of products
under the License Agreement, Oncotelic agreed, in connection therewith, to purchase shares of the Company’s common stock
for an aggregate purchase price of $500,000, with the purchase price for each share of common stock being the greater of $0.51
or the volume weighted average price of the common stock for the thirty trading days immediately preceding the date on which Oncotelic
notifies the Company that it intends to pursue further development or commercialization of a licensed product.
If
Oncotelic breaches the License Agreement, the Company shall have the right to terminate the License Agreement effective sixty
(60) days following delivery of written notice to Oncotelic specifying the breach, if Oncotelic fails to cure such material breach
within such sixty (60) day period; provided, that if Oncotelic advises the Company in writing within such sixty (60) day period
that such breach cannot reasonably be cured within such period, and if in the reasonable judgment of the Company, Oncotelic is
diligently seeking to cure such breach during such period, then such period shall be extended an additional sixty (60) days for
an aggregate of 120 days after written notice of termination, and if Oncotelic fails to cure such material breach by the end of
such 120-day period, the License Agreement shall terminate in its entirety. Oncotelic may terminate the License Agreement by giving
thirty (30) days’ prior written notice to the Company.
Vuong
Trieu, Ph.D., the Executive Chairman of the Company, is the principal stockholder and Chief Executive Officer of Oncotelic.
The
Company intends to submit a FOIA Confidential Treatment Request to the Securities and Exchange Commission pursuant to Rule 24b-2
under the Securities Exchange Act of 1934, as amended, requesting that it be permitted to redact certain portions of the License
Agreement. The omitted material will be included in the request for confidential treatment.
The
foregoing description of the License Agreement does not purport to be complete and is qualified in its entirety by reference to
the full text of the License Agreement, a redacted copy of which will be attached as an exhibit to the Company’s Quarterly
Report on Form 10-Q for the fiscal quarter ended September 30, 2017.
Item
9.01 Financial Statements and Exhibits.
(d)
Exhibits:
Exhibit
No.
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Description
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99.1
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Press
release of Marina Biotech, Inc. dated July 19, 2017
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SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed
on its behalf by the undersigned hereunto duly authorized.
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Marina
Biotech, Inc.
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July
21, 2017
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By:
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/s/
Joseph W. Ramelli
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Name:
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Joseph
W. Ramelli
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Title:
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CEO
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EXHIBIT
INDEX
Exhibit
No.
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Description
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99.1
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Press
release of Marina Biotech, Inc. dated July 19, 2017
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