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Marina Biotech, Inc. (MRNA) SEC Filing 10-K Annual report for the fiscal year ending Friday, December 31, 2010

Adhera Therapeutics, Inc.

CIK: 737207

Exhibit 99.1

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Marina Biotech, Inc. Announces Fourth Quarter and Full Year 2010

Financial Results

Highlights Fourth Quarter and Recent Corporate Accomplishments

Bothell, WA, March 23, 2011 –

Marina Biotech, Inc. (Nasdaq: MRNA), a leading RNAi-based drug discovery and development company, today reported financial results for the fourth quarter and full year ended December 31, 2010, and highlighted recent corporate accomplishments.

“Throughout 2010 and into the New Year, I believe we’ve made significant advancements in our plan to establish ourselves as a preeminent player in the nucleic acid therapeutics space,” stated J. Michael French, President and Chief Executive Officer of Marina Biotech. “We’ve had, at the forefront of our corporate strategy, a plan to consolidate in the RNAi sector and establish one of the broadest RNAi-based drug discovery capabilities in the industry. We feel we have accomplished this objective through key strategic transactions in 2010 and positioned ourselves to take full advantage of partnering and clinical successes in the broader nucleic acid-based therapeutic sector. With our own Phase 1b/2a clinical program underway in Familial Adenomatous Polyposis as well as our bladder cancer program now fully funded through our collaboration with the Debiopharm Group, we are poised to expand our partnering capabilities beyond RNAi and capitalize on multiple pharma collaboration opportunities as well as potential clinical development programs through a broader nucleic acid-based therapeutic drug discovery approach.”

FINANCIAL RESULTS

Net loss

Net loss for the fourth quarter of 2010 was approximately $5.9 million or $0.23 per share, compared to approximately $0.8 million or $0.08 per share for the same period of 2009. For the full year 2010, net loss was approximately $27.8 million or $1.58 per share, compared to net loss of $8.0 million or $0.86 per share for the same period of 2009.

Revenue

Revenue was approximately $1.0 million for the fourth quarter of 2010 compared to $0.2 million for the fourth quarter of 2009. For the year ended December 31, 2010, revenue was $2.5 million compared to $14.7 million in 2009. Revenue in the fourth quarter of 2010 includes $0.8 million in earn-out payments related to our profit sharing for calcitonin nasal spray for osteoporosis. In the fourth quarter of 2010, we entered into an amendment of our agreement with Par Pharmaceuticals for calcitonin nasal spray, under which Par paid us $0.7 million to buy out the remainder of the earn-out payments for calcitonin. Revenue in 2009 included licensing fees of $7.25 million from Novartis, licensing fees of $5.0 million from Roche, and a milestone payment of $1.0 million from Amylin Pharmaceuticals related to the amendment to our 2006 license agreement.

 

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The following information was filed by Adhera Therapeutics, Inc. on Wednesday, March 23, 2011 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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SEC Filing Tools
CIK: 737207
Form Type: 10-K Annual Report
Accession Number: 0001193125-11-075247
Submitted to the SEC: Wed Mar 23 2011 4:31:25 PM EST
Accepted by the SEC: Wed Mar 23 2011
Period: Friday, December 31, 2010
Industry: Pharmaceutical Preparations

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