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Marina Closes Financing with Potential Value of $8.7M

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Marina Biotech said this week that it has completed a previously announced financing to sell up to $8.7 million shares of common stock.

The company said it sold approximately 1.8 million shares of its common stock at $1.84 per share in an initial financing with gross proceeds of $3.3 million.

Investors taking part in the stock offering also received a subscription unit to purchase up to an additional 2.4 million shares at any time up to 16 months after the initial closing for no greater than $2.21 per share. This could yield as much as $5.4 million in additional gross proceeds.

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