« Return to News | Drug Sponsors

Marina Biotech lays off 90% of staff

Friday, June 1, 2012 10:20 AM

Marina Biotech, a nucleic acid-based drug discovery and development company based in Bothell, Wash., announced that it does not currently have adequate funding to continue implementing its business plan.

To conserve available cash, Marina Biotech management has implemented a furlough of approximately 90% of its employees and ceased most day-to-day operations, including the ongoing FAP clinical trial. Additionally, the company has negotiated an extension on its secured loan, which is now due and payable in its entirety June 15, 2012, through the issuance to the secured lenders of five-year warrants to purchase approximately 425,000 shares of common stock.

Marina Biotech has previously engaged banking teams to assist in identifying strategic opportunities and to seek additional funding. Although these efforts are on-going, no assurances may be made as to their success. If sufficient additional funds are not received in the near-term, the company may need to further reduce or cease operations completely.

Share:          
CLINICAL TRIAL RESOURCES

Search:

NEWS ONLINE ARCHIVE

Browse by:

CWWeekly

September 30

Novartis-Walgreens pilot study blurring the line between retail pharmacy, investigative site

CISCRP to launch traveling science museum exhibit to demystify clinical trial participation

Already a subscriber?
Log in to your digital subscription.

Subscribe to CWWeekly.

The CenterWatch Monthly

October

New growth and decline in Asia clinical trials
South Korea, Japan, China see big growth in 1572s, while India posts huge drop

Harnessing Big Data to transform clinical trials
From protocol to patient recruiting, data analytics can yield valuable insights

Already a subscriber?
Log in to your digital subscription.

Purchase the October issue.

Subscribe to
The CenterWatch Monthly.

The CenterWatch Monthly

September

Sponsors look to collaborate on comparator drugs
Co-therapies, comparators are in 60% of studies, cost $25m per company a year

Early adopters implement risk-based monitoring pilot programs
Experiments aim to offer long-term solutions, despite short-term uncertainties

Already a subscriber?
Log in to your digital subscription.

Purchase the September issue.

Subscribe to
The CenterWatch Monthly.

JobWatch centerwatch.com/jobwatch

Featured Jobs

More Jobs

 

Copyright © 1995-2013 CenterWatch.