BOTHELL, WA, Nov 30, 2011 (MARKETWIRE via COMTEX) —
Marina Biotech, Inc.
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+22.85%
, a leading
oligonucleotide-based drug discovery and development company,
announced today that the NASDAQ Listing Qualifications Panel has
granted the Company’s request to remain listed on The NASDAQ Global
Market and will allow the Company until January 31, 2012 to establish
a closing bid price of its common stock of $1.00 or more per share
for a minimum of 10 consecutive business days, in compliance with the
listing criteria per NASDAQ Marketplace Rule 5450(a)(1).
The Company announced on September 28, 2011 that it had received a
Deficiency Notice from NASDAQ notifying the Company that it had not
regained compliance with Marketplace Rule 5450(a)(1) on or before
September 21, 2011, which would have been necessary to cure the bid
price deficiency of which the Company originally received notice on
March 25, 2011. The Company presented its plan to regain compliance
to a NASDAQ Listing Qualifications Panel on October 27, 2011. Based
on the plan the Company presented and its continued execution of that
plan, the Panel found that it was appropriate to allow the Company to
remain listed on The NASDAQ Global Market while it works to achieve
compliance.
“We are pleased that NASDAQ has granted our request to remain on The
NASDAQ Global Market,” stated J. Michael French, President and CEO.
“We remain confident that our plan to regain compliance with
Marketplace Rule 5450(b), which we presented to the NASDAQ Appeals
Panel in October, is achievable within the timeframe granted by the
Panel.”
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 Debiopharm Group for the development and
commercialization of the bladder cancer program. 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
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.
Contact:
Marina Biotech, Inc.
Phil Ranker
Interim Chief Financial Officer
(425) 908-3615
pranker@marinabio.com
SOURCE: Marina Biotech, Inc.
mailto:pranker@marinabio.com
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