Most of the questions that you just posed could be found in the quoted press release:
"I am not sure about you but I would like to hear and see info about an annual meeting so I can plan to attend."
"No employees? Consultants... Why?"
June Ameen? What is she working on? "
"I also would like to see another update newer than 2 months old."
You just got one barely 2 days old.
I am not sure about you but I would like to hear and see info about an annual meeting so I can plan to attend. I need a little time. I also would like to see another update newer than 2 months old. But that is just me. I still have a lot to learn
From all the press releases in connection with the monetization of IP's, MRNA claims to have retained access for its own use or the use in partnered programs.
If so, there is a tremendous store of value here as RNAi progresses to become the mainstream next gen medical technology.
"I have been here since the beginning and have always stood fast. A press release would be nice." - farmerjimmy2003
Apparently you don't read them. From May 14, 2014 press release:
""We are focused on regaining SEC compliance, restarting the FAP program and executing on our rare disease clinical strategy," stated J. Michael French, President and Chief Executive Officer of Marina Biotech. "We are going to remain virtual to the extent possible in order to continue to conserve our resources and utilize out-sourced consulting and contract services in order to be responsive and flexible in the pursuit of these goals. I'm pleased to be able to bring back to the Company the expertise of Alan Dunton and June Ameen, both of whom were and will continue to be instrumental in the advancement of our FAP program. In addition, they will be assisting the Company in the development and implementation of its rare disease clinical strategy. We have also brought in Dan Geffken, Founder and Managing Partner at Danforth Advisors, as our interim Chief Financial Officer. Dan and his team will fully support our internal finance functions and spearhead our efforts to complete the audit and file SEC documents. Wolf & Co., P.C. has been engaged as our independent auditors. We expect they will initiate the audit within the week and we will file the documents necessary to regain SEC compliance by mid-summer. At the end of the summer, we anticipate holding an Annual Shareholder Meeting. We still have several tasks to complete in the coming months to be a fully reporting public company but are well on our way to accomplishing this goal. Further, we hope to report advances in the FAP program and rare disease pipeline at the Annual Shareholder Meeting."
OK. I answered most of my own questions after having reread the filing. It sounds to me to be more of a cover all my bases filing. No guarantees. Sounds downright depressing but they are doing something. What will move this stock now? FAP? Maybe.. No employees? Consultants... Why? I sure am hoping to see some kind of buy-out or partnership for FAP! June Ameen? What is she working on? I have been here since the beginning and have always stood fast. A press release would be nice. And a date for an annual meeting would be even better. Please give us a catalyst.
The ambiguity of IP rights to Arcturus fits in with the vague statements on the Arcturus website. Even $TKMR did not mention Arcturus specifically. Ultimately, it looks like $MRNA still holds on to a vast majority of IP. Any idea how they will re-start the FAP program? I am still waiting for them to come out with details on this.
"The following Management's Discussion and Analysis of Financial Condition and Results of Operations is intended to provide information necessary to understand our audited consolidated financial statements for the two-year period ended December 31, 2012, and highlight certain other information which, in the opinion of management, will enhance a reader's understanding of our financial condition, changes in financial condition and results of operations. In particular, the discussion is intended to provide an analysis of significant trends and material changes in our financial position and the operating results of our business during the year ended December 31, 2012 as compared to the year ended December 31, 2011. This discussion should be read in conjunction with our consolidated financial statements for the two-year period ended December 31, 2012 and related notes included elsewhere in this annual report on Form 10-K. These historical financial statements may not be indicative of our future performance."
From the above:
"our audited consolidated financial statements for the two-year period ended December 31, 2012"
It's just one of the possible sources.
Also Danforth only has 100,800 shares total and vested monthly over 2 years.
That's only 100,800/24 = 4200x6 (Jan - Jun) or 25,200 shares.
More likely the sellers have been, as mentioned earlier, the two executives who were paid over a million shares for their owed wages.
That's only a couple days worth of volume and selling at these levels doesn't make much sense so I don't think Danforth was the seller. There was a huge pullback in biotech recently that reflects MRNA's movement. Check out FBIOX or ARWR. Very similar charts in the last 6 months
Sentiment: Strong Buy
I can not post the second part of the filing. Another Yahoo! message board stupidity.
Basically, MRNA is hiring Danforth Advisors for one year of service at $250K plus 10-year warrant to purchase 100,800 shares of MRNA at $0.481.
These vest on a monthly basis over the two-year period beginning on the effective date of the agreement which was January 9th, 2014.
This is another possible source of the selling shares we have observed entering the market.
The selling came to a halt when MRNA recently dropped into the $0.4s.
MRNA currently runs on outsourced personnel.
Form 8-K for MARINA BIOTECH, INC.
Change in Directors or Principal Officers
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On May 13, 2014, the Board of Directors of Marina Biotech, Inc. (the "Company") authorized the appointment of Daniel E. Geffken, M.B.A. as interim Chief Financial Officer. Mr. Geffken replaces Philip C. Ranker, who resigned as interim Chief Financial Officer and Secretary of the Company effective as of the close of business on December 31, 2013. Mr. Ranker currently serves as a member of the Company's Board of Directors.
Mr. Geffken, age 57, is a founder and Managing Director at Danforth Advisors, LLC, where he has served since 2011. He has worked in both the life science and renewable energy industries for the past 20 years. His work has ranged from early start-ups to publicly traded companies with $1 billion+ market capitalizations. Previously, he served as COO or CFO of four publicly traded and four privately held companies, including Seaside Therapeutics, Inc., where he served as COO from 2009 to 2011. In addition, he has been involved with multiple rare disease-focused companies in areas such as Huntington's disease, amyotrophic lateral sclerosis, fragile X syndrome, hemophilia A and Gaucher disease, including the approval of enzyme replacement therapies for the treatments of Fabry disease and Hunter syndrome. Mr. Geffken has raised more than $700 million in equity and debt securities. Mr. Geffken started his career as a C.P.A. at KPMG and, later, as a principal in a private equity firm. Mr. Geffken received his M.B.A from the Harvard Business School and his B.S. from the Wharton School, University of Pennsylvania.
"As of July 14, 2014, only the CEO remains an employee. All other employees have either resigned or been terminated."
'In addition to the furlough program, we terminated all lease arrangements and sold substantially all of our property and equipment. As a result of these restructuring activities, our business efforts had been minimal since October 2012. However, through 2012, 2013 and into 2014, we continued to seek collaboration and licensing agreements with biotechnology and pharmaceutical companies; and pursued public and private sources of financing to raise cash. Through licensing agreements with several biotechnology companies, we maintained our minimal business operations until we executed a substantial financing of $6.0 million in March 2014."
From the above, MRNA is essentially a collection of IP's.
In the past during the dark days of RNAi, these IP's were licensed at fire sale prices:
" Licensing and Sale of Property and Equipment
During 2012, we received an aggregate of $3.9 million in cash payments from licensing and the sale of property and equipment. In May and July 2012, we received $1.5 million in total upfront payments in connection with the Monsanto license agreement. In August 2012, we received an upfront payment of $1.0 million for the Novartis agreement. In September and October 2012, we received payments of $0.43 million from the sale of property and equipment and also received a $0.3 million upfront payment in connection with the ProNAi agreement. In November 2012, we received $0.15 million for an amended milestone payment from Mirna. In December 2012, we received a $0.3 million upfront payment for the Tekmira license agreement. Throughout 2012, we received a total of $0.23 million for reagent sales and research services."
It's not made clear in the above if there are residual payments in addition to the upfront payments.
I have not found any specific mention of the Arcturus UNA IP assignment.
MRNA today is a store of IP's.
Essentially a start up with a lot of IP's and one candidate under development, FAP.
Now looking to generate revenue through IP's and grants as well as collaborations.
MRNA is attractive in that it has a lot of interesting tools that could be put to great use.