NEW YORK, May 02, 2016 (GLOBE NEWSWIRE) -- Microlin Bio, Inc. (OTCQB:MICB), a development stage biotechnology company focused on the development of microRNA based therapeutics for cancer, today announced the termination of negotiations to acquire the nucleic acid therapeutic assets of Marina Biotech, Inc. Previously, on March 15, 2016, the companies executed a term sheet under which Microlin was to acquire these assets from Marina Biotech for 6.7 million common shares and approximately $1 million in cash.
“After extensive negotiations and the presentation of a proposal that was within the scope of the executed term sheet, we concluded that we would be unable to come to terms that would be both acceptable to Marina’s Board and, more importantly, in the best interests of Microlin’s shareholders,” said Joseph Hernandez, CEO and Chairman of Microlin Bio. “While we are disappointed that we were unable to reach a definitive agreement to acquire these assets from Marina, we are excited about the potential of our robust pipeline of microRNA-based therapeutic candidates. We are fully committed to the ongoing development of these in-house assets, and remain open to exploring potential M&A opportunities aimed at further enhancing our development portfolio.”
MicroRNAs are recently discovered naturally occurring RNA molecules (composed of 19 to 25 nucleotides) that do not encode proteins but instead regulate gene expression and various biological pathways. The improper balance of microRNAs are linked to many diseases, including cancer. As such, replacement or inhibition of deregulated microRNAs may act as a potent means to treat cancers.
About Microlin Bio, Inc.
Microlin Bio, Inc. is a development stage biotechnology company focused primarily on the development of microRNA based therapeutics to treat cancer from technologies licensed from Ohio State University. This includes over 138 pending patent applications and 132 granted patents covering numerous microRNAs. For more information, please visit www.microlinbio.com.
Microlin Bio Forward-Looking Statements
This press release contains “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995, regarding the research, development and commercialization of pharmaceutical products. Such forward-looking statements are based on current expectations and involve inherent risks and uncertainties, including factors that could delay, divert or change any of them, and could cause actual outcomes and results to differ materially from current expectations. No forward-looking statement can be guaranteed. Forward-looking statements in the press release should be evaluated together with the many uncertainties that affect Microlin Bio’s business and Microlin Bio undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.
The Ruth Group
Lee Roth (investors)
Source:Microlin Bio, Inc.