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Marina Posts Higher Q4 Losses on Restructuring Charge

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Marina Biotech this week reported a sharp rise in its fourth-quarter losses as the company recorded a restructuring charge related to a change made to a lease for a corporate facility.

For the three-month period ended Dec. 31, Marina's net loss rose to $5.9 million, or $0.23 per share, from a year-ago loss of $800,000, or $0.08 per share.

Revenues in the quarter rose to $1 million from $200,000, and include $800,000 in earn-out payments related to non-RNA-based legacy products from when the company was Nastech Pharmaceutical.

Research and development spending for the fourth quarter edged up to $3.2 million from $3.1 million, while selling, general, and administrative costs fell to $1.6 million from $2.3 million year over year. The company also incurred a $3.5 million expense, primarily in the fourth quarter, related to an amended lease for a now-exited facility.

At the end of 2010, Marina had cash of approximately $2.1 million. Following a stock offering in February, which raised $5.1 million, Marina said it has enough resources to fund operations into the second quarter of this year.

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