Rodman & Renshaw is the agent; offering slated to settle on March 22
By Devika Patel
Knoxville, Tenn., March 19 - Marina Biotech, Inc. said it negotiated a registered direct offering of stock to raise about $1.2 million with agent Rodman & Renshaw, LLC.
Marina Biotech will sell common shares at $0.75 apiece. The per-share purchase price is a 25.74% discount to $1.01, the closing price of the stock on March 16.
Investors also will receive warrants for 800,000 common shares. The warrants are exercisable at $0.75 for five years. The strike price is also a 25.74% discount to the March 16 closing share price.
Settlement is expected March 22.
"This financing offers us the opportunity to continue to move forward on our near-term business and scientific objectives," president and chief executive officer J. Michael French said in a press release. "We've now licensed our SMARTICLES delivery technology to two companies for the delivery of both double- and single-stranded oligonucleotides. We expect to continue to generate value with our drug discovery platform, which we believe is the broadest and most comprehensive nucleic acid discovery engine in the industry."
Marina is a biotechnology company based in Bothell, Wash.
| Issuer: | Marina Biotech, Inc.
|
| Issue: | Common stock
|
| Amount: | $1.2 million (approximate)
|
| Price: | $0.75
|
| Warrants: | For 800,000 shares
|
| Warrant expiration: | Five years
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| Warrant strike price: | $0.75
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| Agent: | Rodman & Renshaw, LLC
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| Pricing date: | March 19
|
| Settlement date: | March 22
|
| Stock symbol: | Pink Sheets: MRNA
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| Stock price: | $1.01 at close March 16
|
| Market capitalization: | $6.61 million
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