Marina Biotech, Inc. (OTCMKTS:MRNA) Files An 8-K Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
Item 2.03 Creation of a Direct Financial Obligation or an
Obligation under an Off-Balance Sheet Arrangement of a
Registrant.
On April 4, 2017, Marina Biotech, Inc. (the Company) entered into
a Line Letter with Autotelic Inc. (Autotelic) to which Autotelic
offered to the Company an unsecured line of credit in an amount
not to exceed $500,000, to be used for current operating expenses
of the Company. Autotelic will consider requests for advances
under the Line Letter until September 1, 2017. Autotelic shall
have the right at any time for any reason in its sole and
absolute discretion to terminate the line of credit available
under the Line Letter or to reduce the maximum amount available
thereunder without notice to the Company or any other person;
provided, that Autotelic agreed that it shall not demand the
repayment of any advances that are made to the Company under the
Line Letter prior to the earlier of: (i) October 1, 2017; and
(ii) the date on which (x) the Company makes a general assignment
for the benefit of its creditors, (y) the Company applies for or
consents to the appointment of a receiver, a custodian, a trustee
or liquidator of all or a substantial part of its assets or (z)
the Company ceases operations. Advances made under the Line
Letter shall bear interest at the rate of five percent (5%) per
annum, shall be evidenced by the Demand Promissory Note issued by
the Company to Autotelic, and shall be due and payable upon
demand by Autotelic.
Autotelic is a stockholder of the Company, and an entity of which
Dr. Trieu, the Chairman of the Board of Directors of the Company,
serves as Chairman of the Board. Previously on November 15, 2016,
the Company entered into a Line Letter with Dr. Trieu, to which
Dr. Trieu offered to the Company an unsecured line of credit in
an amount not to exceed $540,000.
The foregoing description of the Line Letter and the Demand
Promissory Note does not purport to be complete and is qualified
in its entirety by reference to the full text of the Line Letter
and the Demand Promissory Note, a copy of each of which is filed
as Exhibit 10.2 and Exhibit 4.1, respectively, to this Current
Report on Form 8-K and is incorporated by reference herein.
Item 9.01 Financial Statements and Exhibits
| Exhibit No. | Description | |
| 4.1 |
Form of Demand Promissory Note issued by Marina Biotech, Inc. to Autotelic Inc. |
|
| 10.1 |
Line Letter dated April 1, 2017 from Autotelic Inc. to Marina Biotech Inc. |
About Marina Biotech, Inc. (OTCMKTS:MRNA)
Marina Biotech, Inc. is a biotechnology company focused on the discovery, development and commercialization of nucleic acid-based therapies to treat orphan diseases. The Company’s pipeline includes CEQ508, a product in clinical development for the treatment of Familial Adenomatous Polyposis (FAP), and preclinical programs for the treatment of type 1 myotonic dystrophy (DM1) and Duchenne muscular dystrophy (DMD). It creates a range of therapeutics targeting coding and non-coding ribonucleic acid (RNA) through several mechanisms of action, such as RNA interference (RNAi), messenger RNA translational inhibition, exon skipping, microRNA (miRNA) replacement, miRNA inhibition and steric blocking in order to modulate gene expression either up or down depending on the specific mechanism of action. It has two liposomal-based delivery platforms: SMARTICLES, and the platform, which utilizes amino-based liposomal delivery technology and incorporates a molecule, Di-Alkylated Amino Acid (DiLA2). Marina Biotech, Inc. (OTCMKTS:MRNA) Recent Trading Information
Marina Biotech, Inc. (OTCMKTS:MRNA) closed its last trading session 00.000 at 0.335 with 205,277 shares trading hands.