Marina Biotech, a nucleic acid-based drug discovery and development company, continues to seek adequate funding to implement its business plan.
To align the size of its board of directors with its strategic objectives, the company has reduced the size of its board to three members. The board will now consist of J. Michael French, Stefan Loren, Ph.D., and Joseph W. Ramelli. The board unanimously appointed Loren and Ramelli to the board Aug. 20 to fill the vacancies created by the resignations of Peter D. Parker and Gregory Sessler. Following the appointments, on Aug. 21 James M. Karis, R. John Fletcher and Michael D. Taylor, Ph.D., also resigned from the board. French will become chairman of the board.
To generate revenue, reduce debt and conserve cash, Marina Biotech has:
"We continue to work hard to realize the true value of the nucleic acid platform we've created over the past years," said French, president and CEO.
Marina continues to identify strategic opportunities and seek additional funding. If sufficient additional funds are not received in the near term, the company said it may need to further reduce or cease operations completely.