Marina Biotech Begins Trading on the OTCQX Tier of OTC Market
February 01 2012 - 7:53PM
Marketwired
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 http://www.otcmarkets.com/stock/MRNA/quote.
"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.
OTC Markets Group Inc. (OTCQX: OTCM) operates the world's
largest electronic marketplace for broker-dealers to trade unlisted
stocks. Our OTC Link™ platform supports an open network of
competing broker-dealers that provide investors with the best
prices in over 10,000 OTC securities. We categorize the wide
spectrum of OTC companies into three tiers -- OTCQX (the
quality-controlled marketplace for investor friendly companies),
OTCQB® (the U.S. reporting company marketplace for development
stage companies), and OTC Pink™ (the speculative trading
marketplace) -- so investors can identify the level and quality of
information companies provide. To learn more about how OTC Markets
Group makes the unlisted markets more transparent, informed, and
efficient, visit www.otcmarkets.com.
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.
Forward-Looking Statements
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. Philip Ranker Interim Chief Financial
Officer (425) 908-3615 pranker@marinabio.com
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