Marina Biotech ($MRNA) raises $3.3 million

Marina Biotech ($MRNA) of Bothell, WA, which develops RNAi-based compounds and drug delivery technologies, has raised $3.3 million through a securities offering.

Xconomy reports that investors who bought 1.8 million shares at $1.84 each also got a subscription unit to buy another 2.4 million shares over the next 16 months for no more than $2.21 a share. If those shares are bought, the company could raise another $5.4 million. Marina does many things in the RNAi space, including figuring out a way to make sure RNA-based therapeutics are delivered to the right location.

Marina acquired the rights to Smarticles drug-delivery technology from Germany's Novosom in exchange for $5 million in common stock. Smarticles are the basis for ProNAi Therapeutics' anti-tumor drug candidate, PNT2258, which recently launched Phase I clinical trials in Texas.

- read the Xconomy brief
- and here's our background on the company