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Subsequent Events
12 Months Ended
Dec. 31, 2017
Subsequent Events [Abstract]  
Subsequent Events

Note 11 - Subsequent Events 

 

Except for the events discussed below, there were no subsequent events that required recognition or disclosure. The Company evaluated subsequent events through the date the financial statements were issued and filed with the Securities and Exchange Commission.

 

On March 16, 2018, Marina entered into an Licensing Agreement with Agenovir Corporation, whereby Marina granted Agenovir exclusive rights to the company’s DiLA2 delivery system in exchange for an upfront payment of $200,000 and further potential future consideration dependent upon event and sales-based milestones. Under the terms of the agreement, Marina has agreed to assign ownership of the intellectual property associated with the DiLA2 delivery system to Agenovir Corporation.

 

Series E Convertible Preferred Share Private Placement Offering

 

On April 16, 2018, we entered into Subscription Agreements (the “Purchase Agreements”) with certain accredited investors and conducted a closing pursuant to which we sold 2,334 shares of our Series E convertible preferred stock (the “Preferred Stock”), at a purchase price of $5,000 per share of Preferred Stock. Each share of Preferred Stock is initially convertible into shares of our common stock (the “Common Stock”), at a conversion price of $0.50 per share of Common Stock. In addition, each investor received a 5-year warrant (the “Warrants”, and collectively with the Preferred Stock, the “Securities”) to purchase 0.75 shares of Common Stock for each share of Common Stock issuable upon the conversion of the Preferred Stock purchased by such investor at an exercise price equal to $0.55 per share of Common Stock, subject to adjustment thereunder. The closing is the initial closing (the “Initial Closing”) of our private placement (the “Private Placement”) of up to $10,000,000 of Securities, which amount may be increased to $15,000,000 at the discretion of our company and its placement agent in the Private Placement (the “Maximum Offering Amount”). The Preferred Stock has voting rights, dividend rights, liquidation preferences, conversion rights and anti-dilution rights as described in the Certificate of Designation of Preferences, Rights and Limitations of the Preferred Stock. The Warrants have full-ratchet anti-dilution protection, are exercisable for a period of five years following the final closing of the Private Placement and contain customary exercise limitations.

 

We received total gross proceeds of approximately $11.7 million from the Initial Closing, prior to deducting placement agent fees and estimated expenses payable by us associated with the Initial Closing. We intend intends to use the proceeds of the Private Placement for funding our commercial operations to the sale and promotion of our Prestalia® product, working capital needs, capital expenditures, the repayment of certain liabilities and other general corporate purposes. Pursuant to the Purchase Agreements, we may periodically conduct additional closings until we have sold the Maximum Offering Amount.