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Marina Posts Drop in Q2 Losses

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Marina Biotech, formerly MDRNA, reported this month a drop in second-quarter losses amid a 12 percent declined in expenses.

For the three-month period ended June 30, Marina's net loss fell to $4.1 million, or $0.34 per share, from a year-ago loss of $7.5 million, or $0.84 per share.

Revenues in the quarter slipped to $200,000 from $300,000, but this decrease was more than offset by a dip in research and development spending to $7.4 million from $8.5 million. Selling, general, and administrative costs, however, rose 10 percent to $4.8 million.

At the end of the second quarter, Marina had cash and cash equivalents totaling $2.2 million. However, its acquisition of Cequent Pharmaceuticals in July contributed about $5 million in cash to the company, which it said would allow it to fund its operations into the fourth quarter.

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