Marina Biotech, Inc. (Formerly Known as MDRNA, Inc.) Awarded $733,000 in Grants for Qualifying Therapeutic Development Projects

BOTHELL, WA--(Marketwire - November 01, 2010) - Marina Biotech, Inc. (NASDAQ: MRNA), a leading RNAi-based drug discovery and development company, announced today that it was awarded cash grants totaling approximately $733,000 under the U.S. Government’s Qualifying Therapeutic Discovery Project (“QTDP”) program.

“We are extremely pleased to receive the grants and to be recognized for our pre-clinical and clinical programs addressing unmet medical needs,” said J. Michael French, President and CEO of Marina Biotech. “The QTDP grant program will help us fund these ongoing programs especially in this difficult economic environment.”

The QTDP was created by Congress in March 2010 as part of the Patient Protection and Affordable Care Act and provides a tax credit or grant equal to 50% of eligible costs and expenses for tax years 2009 and 2010. The Department of Treasury further allocated these credits and grants among qualified applicants since the program was oversubscribed. The Company submitted grant applications for three of its therapeutic development projects, namely CEQ508 for the treatment of Familial Adenomatous Polyposis, CEQ626 for the treatment of Inflammatory Bowel Disorder and the RNAi Therapeutics platform. It received grants for all three submitted projects.

About Marina Biotech, Inc.

Marina Biotech (formerly known as MDRNA, Inc.) is a biotechnology company, focused on the development and commercialization of therapeutic products based on RNA interference (RNAi). The Marina Biotech pipeline currently includes a clinical program in Familial Adenomatous Polyposis (a precancerous syndrome) and two preclinical programs -- in hepatocellular carcinoma and bladder cancer. Marina Biotech’s goal is to improve human health through the development of RNAi-based compounds and drug delivery technologies that together provide superior therapeutic options for patients. Additional information about Marina Biotech is available at http://www.marinabio.com.

Forward-Looking Statements

Statements made in this news release may be forward-looking statements within the meaning of Federal Securities laws that are subject to certain risks and uncertainties and involve factors that may cause actual results to differ materially from those projected or suggested. Factors that could cause actual results to differ materially from those in forward-looking statements include, but are not limited to: (i) the ability of Marina Biotech to obtain additional funding; (ii) the ability of Marina Biotech to attract and/or maintain manufacturing, research, development and commercialization partners; (iii) the ability of Marina Biotech and/or a partner to successfully complete product research and development, including preclinical and clinical studies and commercialization; (iv) the ability of Marina Biotech and/or a partner to obtain required governmental approvals; and (v) the ability of Marina Biotech and/or a partner to develop and commercialize products that can compete favorably with those of competitors. Additional factors that could cause actual results to differ materially from those projected or suggested in any forward-looking statements are contained in Marina Biotech’s most recent periodic reports on Form 10-K and Form 10-Q that are filed with the Securities and Exchange Commission. Marina Biotech assumes no obligation to update and supplement forward-looking statements because of subsequent events.