Marina Biotech Signs License Agreement with Oncotelic

Marina Biotech (OTCQB:MRNA) entered into a license agreement with Oncotelic regarding the Company’s SMARTICLES platform for the delivery of antisense DNA therapeutics.
As quoted in the press release:

This represents the first time that the Company’s SMARTICLES™ technologies have been licensed in connection with delivery of Marina’s proprietary Conformationally Restricted Nucleotides and other antisense nucleotides. Under terms of the agreement, Oncotelic will invest $250,000 in Marina at a share price of $0.51. In addition, Marina may receive in certain circumstances a commercial license fee consummated by the sale to Oncotelic of shares of the common stock of Marina for an aggregate purchase price of $500,000, with the purchase price for each share of Marina common stock being the greater of $0.51 or the volume weighted average price of the Marina common stock at the time of purchase, and as well sales milestones, which sales milestones shall not exceed in any event Ninety Million Dollars ($90,000,000). Further details of the agreement were not disclosed.

“With the execution of this license agreement, the company extends its runway and enters into new areas of medicine,” stated Joseph W. Ramelli, CEO of Marina Biotech. “We are now beginning to see our delivery technologies used with various types of molecules and entities.  We hope our delivery technologies continue to provide new therapeutic opportunities to the patient community.”

Click here to read the full press release.

Source: globenewswire.com