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MDRNA Plans Reverse Stock Split to Acquire Cequent, Changes Name

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MDRNA said this week that its acquisition of Cequent Pharmaceuticals will go forward following a shareholder vote on the issue, and that it has also changed its name to Marina Biotech.

According to Marina, it will enact a 1-for-4 reverse stock split, which will enable it to have enough authorized shares to consummate the deal.

"The primary objective of the reverse split was to allow us to issue additional shares for the shareholder approved acquisition of Cequent," Marina CFO Peter Garcia said in a statement.

Earlier this year, MDRNA announced it would acquire Cequent for $46 million in stock (GSN 4/1/2010).

"The acquisition of Cequent is a critical cornerstone of our RNAi roll-up strategy," President and CEO Michael French added. "As Marina Biotech, we will have two complementary and proprietary RNAi drug discovery platforms."

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