NEW YORK (GenomeWeb) – Marina Biotech today announced its third-quarter financial results, posting a surge in its net loss amid spending related to its resumption of operations.
For the three-month period ended Sept. 30, Marina's net loss was $7.1 million, up from $1 million in the year-ago period. The company attributed the rise to debt extinguishment accounting and increased expenses as it attempts to restart its operations.
In mid-2012, Marina was forced to shut down essentially all of its activities amid a severe cash crunch. Since then, however the company has been able to raise some cash and eliminate certain debt, and is slowly working to resume drug-development efforts.
Operating expenses in the third quarter rose to $170,000 from $100,000 a year earlier, while other expenses jumped to $5.5 million from $1.1 million.
The company reported no revenues in the third quarter.