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Marina Ends Lease to Legacy R&D Facility for $1.2M in Stock

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Marina Biotech said this week that it has terminated the lease to a Bothell, Wash., facility where the company conducted research and development related to its now-defunct intranasal drug operations.

Marina used the facility when it was Nastech Pharmaceutical, prior to its restructuring in 2008 as a pure-play RNAi and microRNA drug developer (GSN 5/08/2008). According to Marina President and CEO Michael French, the company hasn't occupied the building for three years.

According to a Marina filing with the US Securities and Exchange Commission, it signed an agreement with the building's owner to terminate the lease prior to its expiration date. In exchange, Marina will provide the landlord with 7.8 million shares of its common stock, which is currently trading around $0.15, a share for a total transaction value of about $1.2 million.

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