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Marina Posts Lower Q2 Loss, Faces Cash Crunch by Year End

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Marina Biotech last week reported a lower second-quarter net loss as research and development spending dropped and revenues increased.

The company also disclosed in a filing with the US Securities and Exchange Commission that its current resources are not sufficient to fund operations through the year and that it will need to raise money before then or revamp its drug-development plans.

For the three-month period ended June 30, Marina's net loss fell to $3.6 million, or $0.08 per share, versus a year-ago loss of $4.1 million, or $0.34 per share.

Revenues in the period arrived at $100,000, compared with $300,000 in the same quarter last year.

Research and development spending in the quarter dropped 28 percent to $2.8 million, reflecting one-time fees in the second quarter of 2010 associated with Marina's acquisition of intellectual property related to its conformationally restricted nucleotide technology from Valeant Pharmaceuticals, as well as expanded license rights to unlocked nucleobase analogs from Ribotask.

Selling, general, and administrative costs in the quarter rose to $2.7 million from $2.2 million, primarily related to a warrant issuance this year.

At the end of June, Marina had cash totaling $5.9 million, including $1.2 million in restricted cash.

The company said in an SEC filing that it believes its current resources are “sufficient to fund our planned operations into the fourth quarter of 2011,” based on the receipt of planned funding and planned R&D activities.

Marina noted that it has been given a “going concern” opinion by its independent public accounting firm, and that if it fails to generate “positive cash flows or fail[s] to obtain additional capital when required, we could modify, delay, or abandon some or all of our programs.”

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