Investors receive notes and warrants for 3.7 million common shares
By Marisa Wong
Madison, Wis., Feb. 10 - Marina Biotech, Inc. said it closed a $1.5 million bridge loan that matures on May 14, 2012 and bears interest at 15%.
Under the terms of the loan, the company sold promissory notes and issued warrants to purchase 3.7 million common shares at $0.508 per share to certain accredited investors. The strike price is equal to the closing share price of Marina's stock on Thursday.
The loan is to be secured against the assets of Marina and its subsidiaries.
"As we continue to execute on our business strategy, this capital allows us necessary resources to achieve our first-quarter objectives and provides us with the flexibility to pursue certain near-term partnering and financing options," said president and chief executive officer J. Michael French in a news release.
Marina is a nucleic acid-based drug discovery and development company based in Bothell, Wash.
| Issuer: | Marina Biotech, Inc.
|
| Issue: | Bridge loan
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| Amount: | $1.5 million
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| Maturity: | May 14, 2012
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| Coupon: | 15%
|
| Warrants: | 3.7 million
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| Warrant strike price: | $0.508
|
| Settlement date: | Feb. 10
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| Stock symbol: | OTCBB: MRNA
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| Stock price: | $0.508 at close Feb. 9
|
| Market capitalization: | $4.39 million
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