Marina Biotech plans public offering of units, series B warrants

Underwriting syndicate includes Roth Capital Partners, Maxim Group

By Angela McDaniels

Tacoma, Wash., May 13 - Marina Biotech, Inc. plans to sell 14,814,814 units in a public offering. Each unit will consist of one share of common stock and one series A warrant to purchase one share of common stock.

For every unit purchased, investors will receive one series B warrant to purchase one additional unit, according to a 424B3 filing with the Securities and Exchange Commission.

The price per unit and the warrant strike prices have not been determined.

Roth Capital Partners, LLC and Maxim Group LLC are the underwriters.

The series A warrants will be exercisable beginning 366 days after issuance, but only if stockholders approve an increase in the number of authorized shares of common stock, and they will remain exercisable for five years.

The strike price will be no less than the most-recent closing price of the company's common stock immediately prior to the offering. Its shares are listed on Nasdaq under the symbol "MRNA."

Each series B warrant will be immediately exercisable for one unit. Beginning 30 trading days after the settlement date, the strike price will be the lower of the initial strike price and 80% of the closing share price on the 30th trading day after the settlement date. The series B warrants will expire at the close of business on the 35th trading day following the settlement date.

The proceeds will be used for the clinical development of CEQ508, which is in a phase 1b/2a clinical trial for the treatment of familial adenomatous polyposis, and for general corporate purposes.

Marina Biotech is a Bothell, Wash.-based biotechnology company focused on the discovery, development and commercialization of oligonucleotide therapies based on gene-silencing approaches.

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