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Marina Late with 2011 Financial Report on 'Financial and Strategic Uncertainties'


Marina Biotech last week said that it would be late in filing its fourth-quarter and full-year 2011 financial results with the US Securities and Exchange Commission due to “financial and strategic uncertainties that remain as of the due date.”

According to Marina, the uncertainties relate to continued “going concern” issues that have “resulted in a lack of critical information which prevents the [company] from making the assessments and estimates required to prepare and fairly present its financial statements, in particular, the carrying value of [its] long-lived assets.”

Marina has been experiencing a cash crunch lately, and reported having $2.2 million in cash at the end of the third quarter of 2011, with expenses of nearly $6 million.

Earlier this year, the firm announced it was closing its Cambridge, Mass., operations and consolidating operations at its headquarters in Bothell, Wash. (GSN 2/23/2012). That same month, its shares were bumped to the over-the-counter markets after the stock failed to meet the Nasdaq's listing requirements (GSN 2/2/2012).

Last month, Marina announced that it was planning to raise $1.2 million through a registered direct placement of common stock (GSN 3/22/2012).

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