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Marina Biotech Announces $1.1 MM Convertible Preferred Stock Financing
Marina Biotech, Inc. ( OTCQB : MRNA ), a leading nucleic acid-based drug discovery and development company focused on rare diseases, today announced that the company has entered into a definitive agreement with existing investors, led by Steven T. Newby and James H. Stebbins, for the issuance of convertible preferred stock at a conversion price equivalent to $0.40 per share of common stock resulting in gross proceeds to the company of $1.1 million. In addition, the Company will issue to the investors warrants to purchase up to 3,437,500 shares of common stock. The warrants will have an exercise price of $0.40 per share and are exercisable for a period of six years after the date of issuance. The offering is expected to close on or about August 7, 2015, subject to the satisfaction of customary closing conditions.
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