Marina Biotech, a Bothell biotechnology company, said today that it has cut about 90 percent of its staff and ceased most day-to-day operations because it does not have funding to pursue its business model.
“To conserve available cash, management has implemented a furlough of approximately 90% of its employees and ceased most day-to-day operations, including the ongoing FAP clinical trial,” the company said in a statement. The company said that if it is unable to raise additional capital, it may be forced to shut down completely. It raised$5 million in financing in January from the Bermuda-based subsidiary of Socius Capital Group.
“This unique financing structure permits us to access funds as they are required in the near future,” said CEO J. Michael French, at the time of the funding. “With what we believe is the most unique and broadest nucleic acid drug discovery platform in the industry, we want to ensure we have the necessary funds to continue to execute on our business strategy.”