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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt">UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
</FONT><FONT STYLE="font-size: 10pt">WASHINGTON, D.C. 20549</FONT></P>

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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FORM 8-K</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CURRENT REPORT</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Pursuant to Section&nbsp;13 or 15(d) of
the Securities Exchange Act of 1934</P>

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<TR>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: left; width: 50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date of Report (Date of Earliest Event Reported):</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; width: 10%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center; width: 40%">August 2, 2012</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 24pt">Marina Biotech,
Inc.<BR>
</FONT><FONT STYLE="font-size: 10pt">__________________________________________<BR>
(Exact name of registrant as specified in its charter)</FONT></P>

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    <TD STYLE="text-align: center; width: 33%">Delaware</TD>
    <TD STYLE="text-align: center; width: 34%">000-13789</TD>
    <TD STYLE="text-align: center; width: 33%">11-2658569</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">_____________________<BR> (State or other jurisdiction</TD>
    <TD STYLE="text-align: center">_____________<BR> (Commission</TD>
    <TD STYLE="text-align: center">______________<BR> (I.R.S. Employer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">of incorporation)</TD>
    <TD STYLE="text-align: center">File Number)</TD>
    <TD STYLE="text-align: center">Identification No.)</TD></TR>
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    <TD STYLE="text-align: center; width: 33%">3830 Monte Villa Parkway, Bothell,<BR>Washington</TD>
    <TD STYLE="text-align: center; width: 34%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 33%">98021</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">_________________________________<BR> (Address of principal executive offices)</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">___________<BR> (Zip Code)</TD></TR>
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<TR>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: left; width: 45%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Registrant&rsquo;s telephone number, including area code:</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; width: 17%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center; width: 38%">425-908-3600</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">N/A<BR>
______________________________________________<BR>
Former name or former address, if changed since last report</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Check the appropriate box below
if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following
provisions:</FONT></P>

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    <TD STYLE="width: 3%"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="width: 97%">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD></TR>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 1.01 Entry Into a Material Definitive Agreement.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal"><I>Entry into License Agreement</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">On August 2, 2012, Marina
Biotech, Inc. (the &ldquo;Company&rdquo;) entered into a worldwide, non-exclusive License Agreement (the &ldquo;License Agreement&rdquo;)
with Novartis Institutes for Biomedical Research, Inc. (&ldquo;Novartis&rdquo;), a global leader in the development of human therapeutics,
for the Company&rsquo;s conformationally restricted nucleotide technology for the development of both single and double-stranded
oligonucleotide therapeutics. The Company received $1 million in a one-time upfront payment for the non-exclusive license.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">The Company intends to submit
a FOIA Confidential Treatment Request to the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange
Act of 1934, as amended, requesting that it be permitted to redact certain portions of the License Agreement. The omitted material
will be included in the request for confidential treatment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">The foregoing summary is qualified
in its entirety by reference to the License Agreement, a redacted copy of which will be attached as an exhibit to the Company&rsquo;s
Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2012.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal"><I>Repayment and Conversion
of Secured Notes</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">On August 3, 2012, the Company
entered into a Third Amendment (the &ldquo;Third Amendment&rdquo;) to that certain Note and Warrant Purchase Agreement (as amended
from time to time, the &ldquo;Note Purchase Agreement&rdquo;) dated as of February 10, 2012 among the Purchasers identified on
the signature pages thereto (the &ldquo;Purchasers&rdquo;), the Company, MDRNA Research, Inc., a wholly-owned subsidiary of the
Company (&ldquo;Research&rdquo;), and Cequent Pharmaceuticals, Inc., a wholly-owned subsidiary of the Company (&ldquo;Cequent&rdquo;
and, together with the Company and Research, the &ldquo;Companies&rdquo;), and the 15% secured promissory notes that the Company
issued to the Purchasers pursuant thereto (the &ldquo;Notes&rdquo;), whereby the Company and the Purchasers agreed that if the
Company, at any time prior to December 31, 2012, effects any merger or consolidation of the Company whereby the holders of the
issued and outstanding shares of the common stock, par value $0.006 per share, of the Company (the &ldquo;Common Stock&rdquo;),
immediately prior to the consummation of such transaction hold less than fifty percent (50%) of the issued and outstanding shares
of the voting securities of the surviving corporation immediately following the consummation of such transaction, the Companies
will have fully satisfied their obligations to repay the entire unpaid principal balance under the Notes and all accrued and unpaid
interest thereon through: (i) payment to the Purchasers (on a pro rata basis) of all sums received from the sale of surplus equipment
by the Companies (net of sales expenses), such amounts to be applied promptly following sale first to interest accrued on the Notes
and not yet paid and then to principal outstanding thereon; and (ii) the issuance to the Purchasers (on a pro rata basis) of an
aggregate number of shares of Common Stock calculated by converting the then total outstanding principal and interest under the
Notes at a value of $0.28 per share of Common Stock (which shall be adjusted for corporate events such as stock splits, certain
mergers, and subsequent financings effected on or prior to June 30, 2014) (the &ldquo;Conversion Price&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">In addition, and as further
consideration for the Third Amendment, the Company agreed to issue to the Purchasers (on a pro rata basis), promptly upon the execution
of the Third Amendment, warrants to purchase up to an aggregate of 1,250,000 shares of Common Stock (the &ldquo;Warrants&rdquo;).
The Warrants will have an initial exercise price of $0.28 per share, which is subject to adjustment (including as a result of subsequent
financings completed on or prior to June 30, 2014), will be exercisable for a period of five years beginning six months and one
day following the issuance of the Warrants, and otherwise have substantially the same terms and conditions as the warrants that
were issued to the Purchasers upon the closing of the Note Purchase Agreement. Furthermore, upon the execution of the Third Amendment,
the per share exercise price of the warrants previously issued to the Purchasers pursuant to the Note Purchase Agreement (including
the amendments thereto) on each of February 10, 2012, April 30, 2012 and May 31, 2012 (namely to purchase up to an aggregate of
4,605,077 shares of Common Stock) shall automatically, and without any further action by the Company or the Purchasers, be reduced
to $0.28.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">Immediately upon the issuance
to the Purchasers of all of the consideration described in the Third Amendment, the Notes shall be deemed cancelled and of no further
force and effect, and any obligations of the Companies to the Purchasers pursuant to the Notes shall be deemed satisfied in full.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">In addition, the Companies
agreed in the Third Amendment that at any time prior to the automatic conversion of the Notes as described in the Third Amendment,
the Purchasers shall have the right, on notice to the Companies, to convert the Notes to an aggregate number of shares of Common
Stock calculated by converting the then total outstanding principal and interest under the Notes by the Conversion Price in effect
at such time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">Furthermore, pursuant to the
Third Amendment, the Purchasers agreed to extend the maturity date of the Notes from June 15, 2012 to December 31, 2012.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">The foregoing summary
does not purport to be complete and is qualified in its entirety by reference to the Third Amendment and the Warrants, a copy of
each of which is attached as an exhibit to this Current Report on Form 8-K.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 3.02 Unregistered Sales of Equity Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">In connection with the Third
Amendment described under the heading &ldquo;Repayment and Conversion of Secured Notes&rdquo; in Item 1.01 above, the Company may
issue to the Purchasers such number of shares of Common Stock as is equal to (x) the then total outstanding principal and interest
under the Notes divided by (y) the Conversion Price in effect at such time. In addition, the Company is issuing the Warrants described
in Item 1.01 above to the Purchasers in connection with the execution of the Third Amendment. The Company is offering and selling
the foregoing securities in reliance on the exemption from registration afforded by Section 4(2) of the Securities Act of 1933,
as amended (the &ldquo;Securities Act&rdquo;), and Rule 506 of Regulation D promulgated thereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 5.01 Departure of Directors or Certain Officers; Election
of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal"><I>Resignation of Directors</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">On August 8, 2012, Gregory Sessler submitted his resignation as a member of the Board of Directors of the Company, effective at
the close of business on August 8, 2012.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal"><I>Amendments to Employment
Agreements</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">The Company entered into letter
agreements, dated August 2, 2012, with each of J. Michael French, its President and Chief Executive Officer, Philip C. Ranker,
its interim Chief Financial Officer and Secretary, and Richard T. Ho, M.D., Ph.D., its Executive Vice President &ndash; Research
and Development, pursuant to which the Company and each of Messrs. French, Ranker and Ho agreed that, notwithstanding anything
to the contrary contained in: (i) that certain Employment Agreement, dated June 10, 2008, between the Company and Mr. French, (ii)
that certain Employment Agreement, effective as of September 7, 2011, by and between the Company and Mr. Ranker, and (iii) that
certain Employment Agreement, effective as of September 1, 2011, by and between the Company and Dr. Ho, each of Messrs. French,
Ranker and Ho may engage in consulting and other similar work, not directly competitive with the Company, while employed by the
Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">The foregoing summary of the
letter agreements that the Company has entered into with Messrs. French, Ranker and Ho does not purport to be complete and is qualified
in its entirety by reference to the copies of such letter agreements, which are attached as exhibits to this Current Report on
Form 8-K.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 8.01 Other Events.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">On August 3, 2012, the Company
issued a press release announcing that it had entered into the License Agreement with Novartis, a copy of which is attached to
this Current Report on Form 8-K and incorporated herein by reference.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 9.01 Financial Statements and Exhibits.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">(d) Exhibits:</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 10%; font-weight: bold; text-decoration: underline">Exhibit No.</TD>
    <TD STYLE="width: 90%; font-weight: bold; text-decoration: underline">Description</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal">4.1</TD>
    <TD STYLE="font-weight: normal">Form of Common Stock Purchase Warrant.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal">10.1</TD>
    <TD STYLE="font-weight: normal">Third Amendment to Securities Purchase Agreement.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal">10.2**</TD>
    <TD STYLE="font-weight: normal">Letter Agreement, dated August 7, 2012, between the Company and J. Michael French.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal">10.3**</TD>
    <TD STYLE="font-weight: normal">Letter Agreement, dated August 7, 2012, between the Company and Philip C. Ranker.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal">10.4**</TD>
    <TD STYLE="font-weight: normal">Letter Agreement, dated August 7, 2012, between the Company and Richard T. Ho., M.D., Ph.D.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: normal">99.1</TD>
    <TD STYLE="font-weight: normal">Press release of Marina Biotech, Inc. dated August 3, 2012.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">__________</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">**&#9;Indicates management
contract or compensatory plan or arrangement.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Pursuant to the requirements
of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp; &#9;&nbsp; &#9;&nbsp; &#9;&nbsp; &#9;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Marina Biotech, Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 55%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 40%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>August 8, 2012</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ J. Michael French</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. Michael French</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Executive Officer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>EXHIBIT INDEX</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; font-weight: bold; text-decoration: underline">Exhibit No.</TD>
    <TD STYLE="width: 90%; font-weight: bold; text-decoration: underline">Description</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>4.1</TD>
    <TD>Form of Common Stock Purchase Warrant.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>10.1</TD>
    <TD>Third Amendment to Securities Purchase Agreement.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>10.2**</TD>
    <TD>Letter Agreement, dated August 7, 2012, between the Company and J. Michael French.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>10.3**</TD>
    <TD>Letter Agreement, dated August 7, 2012, between the Company and Philip C. Ranker.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>10.4**</TD>
    <TD>Letter Agreement, dated August 7, 2012, between the Company and Richard T. Ho., M.D., Ph.D.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>99.1</TD>
    <TD>Press release of Marina Biotech, Inc. dated August 3, 2012.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">__________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">**&#9;Indicates management contract or compensatory plan or
arrangement.</P>

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{"company-data": {"conformed-name": "Marina Biotech, Inc.", "cik": "0000737207", "assigned-sic": "2834", "irs-number": "112658569", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-13789", "film-number": "121017478"}, "business-address": {"street1": "3830 MONTE VILLA PARKWAY", "city": "BOTHELL", "state": "WA", "zip": "98021", "phone": "4259083600"}, "mail-address": {"street1": "3830 MONTE VILLA PARKWAY", "city": "BOTHELL", "state": "WA", "zip": "98021"}, "former-company": [{"former-conformed-name": "MDRNA, Inc.", "date-changed": "20080610"}, {"former-conformed-name": "NASTECH PHARMACEUTICAL CO INC", "date-changed": "19920703"}]}
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported):
August 2, 2012
Marina Biotech,
Inc.
__________________________________________
(Exact name of registrant as specified in its charter)
Delaware
000-13789
11-2658569
_____________________
(State or other jurisdiction
_____________
(Commission
______________
(I.R.S. Employer
of incorporation)
File Number)
Identification No.)
3830 Monte Villa Parkway, Bothell,
Washington
98021
_________________________________
(Address of principal executive offices)
___________
(Zip Code)
Registrant's telephone number, including area code:
425-908-3600
N/A
______________________________________________
Former name or former address, if changed since last report
Check the appropriate box below
if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following
provisions:
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01 Entry Into a Material Definitive Agreement.
Entry into License Agreement
On August 2, 2012, Marina
Biotech, Inc. (the "Company") entered into a worldwide, non-exclusive License Agreement (the "License Agreement")
with Novartis Institutes for Biomedical Research, Inc. ("Novartis"), a global leader in the development of human therapeutics,
for the Company's conformationally restricted nucleotide technology for the development of both single and double-stranded
oligonucleotide therapeutics. The Company received $1 million in a one-time upfront payment for the non-exclusive license.
The Company intends to submit
a FOIA Confidential Treatment Request to the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange
Act of 1934, as amended, requesting that it be permitted to redact certain portions of the License Agreement. The omitted material
will be included in the request for confidential treatment.
The foregoing summary is qualified
in its entirety by reference to the License Agreement, a redacted copy of which will be attached as an exhibit to the Company's
Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2012.
Repayment and Conversion
of Secured Notes
On August 3, 2012, the Company
entered into a Third Amendment (the "Third Amendment") to that certain Note and Warrant Purchase Agreement (as amended
from time to time, the "Note Purchase Agreement") dated as of February 10, 2012 among the Purchasers identified on
the signature pages thereto (the "Purchasers"), the Company, MDRNA Research, Inc., a wholly-owned subsidiary of the
Company ("Research"), and Cequent Pharmaceuticals, Inc., a wholly-owned subsidiary of the Company ("Cequent"
and, together with the Company and Research, the "Companies"), and the 15% secured promissory notes that the Company
issued to the Purchasers pursuant thereto (the "Notes"), whereby the Company and the Purchasers agreed that if the
Company, at any time prior to December 31, 2012, effects any merger or consolidation of the Company whereby the holders of the
issued and outstanding shares of the common stock, par value $0.006 per share, of the Company (the "Common Stock"),
immediately prior to the consummation of such transaction hold less than fifty percent (50%) of the issued and outstanding shares
of the voting securities of the surviving corporation immediately following the consummation of such transaction, the Companies
will have fully satisfied their obligations to repay the entire unpaid principal balance under the Notes and all accrued and unpaid
interest thereon through: (i) payment to the Purchasers (on a pro rata basis) of all sums received from the sale of surplus equipment
by the Companies (net of sales expenses), such amounts to be applied promptly following sale first to interest accrued on the Notes
and not yet paid and then to principal outstanding thereon; and (ii) the issuance to the Purchasers (on a pro rata basis) of an
aggregate number of shares of Common Stock calculated by converting the then total outstanding principal and interest under the
Notes at a value of $0.28 per share of Common Stock (which shall be adjusted for corporate events such as stock splits, certain
mergers, and subsequent financings effected on or prior to June 30, 2014) (the "Conversion Price").
In addition, and as further
consideration for the Third Amendment, the Company agreed to issue to the Purchasers (on a pro rata basis), promptly upon the execution
of the Third Amendment, warrants to purchase up to an aggregate of 1,250,000 shares of Common Stock (the "Warrants").
The Warrants will have an initial exercise price of $0.28 per share, which is subject to adjustment (including as a result of subsequent
financings completed on or prior to June 30, 2014), will be exercisable for a period of five years beginning six months and one
day following the issuance of the Warrants, and otherwise have substantially the same terms and conditions as the warrants that
were issued to the Purchasers upon the closing of the Note Purchase Agreement. Furthermore, upon the execution of the Third Amendment,
the per share exercise price of the warrants previously issued to the Purchasers pursuant to the Note Purchase Agreement (including
the amendments thereto) on each of February 10, 2012, April 30, 2012 and May 31, 2012 (namely to purchase up to an aggregate of
4,605,077 shares of Common Stock) shall automatically, and without any further action by the Company or the Purchasers, be reduced
to $0.28.
Immediately upon the issuance
to the Purchasers of all of the consideration described in the Third Amendment, the Notes shall be deemed cancelled and of no further
force and effect, and any obligations of the Companies to the Purchasers pursuant to the Notes shall be deemed satisfied in full.
In addition, the Companies
agreed in the Third Amendment that at any time prior to the automatic conversion of the Notes as described in the Third Amendment,
the Purchasers shall have the right, on notice to the Companies, to convert the Notes to an aggregate number of shares of Common
Stock calculated by converting the then total outstanding principal and interest under the Notes by the Conversion Price in effect
at such time.
Furthermore, pursuant to the
Third Amendment, the Purchasers agreed to extend the maturity date of the Notes from June 15, 2012 to December 31, 2012.
The foregoing summary
does not purport to be complete and is qualified in its entirety by reference to the Third Amendment and the Warrants, a copy of
each of which is attached as an exhibit to this Current Report on Form 8-K.
Item 3.02 Unregistered Sales of Equity Securities.
In connection with the Third
Amendment described under the heading "Repayment and Conversion of Secured Notes" in Item 1.01 above, the Company may
issue to the Purchasers such number of shares of Common Stock as is equal to (x) the then total outstanding principal and interest
under the Notes divided by (y) the Conversion Price in effect at such time. In addition, the Company is issuing the Warrants described
in Item 1.01 above to the Purchasers in connection with the execution of the Third Amendment. The Company is offering and selling
the foregoing securities in reliance on the exemption from registration afforded by Section 4(2) of the Securities Act of 1933,
as amended (the "Securities Act"), and Rule 506 of Regulation D promulgated thereunder.
Item 5.01 Departure of Directors or Certain Officers; Election
of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Resignation of Directors
On August 8, 2012, Gregory Sessler submitted his resignation as a member of the Board of Directors of the Company, effective at
the close of business on August 8, 2012.
Amendments to Employment
Agreements
The Company entered into letter
agreements, dated August 2, 2012, with each of J. Michael French, its President and Chief Executive Officer, Philip C. Ranker,
its interim Chief Financial Officer and Secretary, and Richard T. Ho, M.D., Ph.D., its Executive Vice President – Research
and Development, pursuant to which the Company and each of Messrs. French, Ranker and Ho agreed that, notwithstanding anything
to the contrary contained in: (i) that certain Employment Agreement, dated June 10, 2008, between the Company and Mr. French, (ii)
that certain Employment Agreement, effective as of September 7, 2011, by and between the Company and Mr. Ranker, and (iii) that
certain Employment Agreement, effective as of September 1, 2011, by and between the Company and Dr. Ho, each of Messrs. French,
Ranker and Ho may engage in consulting and other similar work, not directly competitive with the Company, while employed by the
Company.
The foregoing summary of the
letter agreements that the Company has entered into with Messrs. French, Ranker and Ho does not purport to be complete and is qualified
in its entirety by reference to the copies of such letter agreements, which are attached as exhibits to this Current Report on
Form 8-K.
Item 8.01 Other Events.
On August 3, 2012, the Company
issued a press release announcing that it had entered into the License Agreement with Novartis, a copy of which is attached to
this Current Report on Form 8-K and incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits:
Exhibit No.
Description
4.1
Form of Common Stock Purchase Warrant.
10.1
Third Amendment to Securities Purchase Agreement.
10.2**
Letter Agreement, dated August 7, 2012, between the Company and J. Michael French.
10.3**
Letter Agreement, dated August 7, 2012, between the Company and Philip C. Ranker.
10.4**
Letter Agreement, dated August 7, 2012, between the Company and Richard T. Ho., M.D., Ph.D.
99.1
Press release of Marina Biotech, Inc. dated August 3, 2012.
__________
**	Indicates management
contract or compensatory plan or arrangement.
SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Marina Biotech, Inc.
August 8, 2012
By:
/s/ J. Michael French
Name:
J. Michael French
Title:
Chief Executive Officer
EXHIBIT INDEX
Exhibit No.
Description
4.1
Form of Common Stock Purchase Warrant.
10.1
Third Amendment to Securities Purchase Agreement.
10.2**
Letter Agreement, dated August 7, 2012, between the Company and J. Michael French.
10.3**
Letter Agreement, dated August 7, 2012, between the Company and Philip C. Ranker.
10.4**
Letter Agreement, dated August 7, 2012, between the Company and Richard T. Ho., M.D., Ph.D.
99.1
Press release of Marina Biotech, Inc. dated August 3, 2012.
__________
**	Indicates management contract or compensatory plan or
arrangement.