Marina Biotech Inc., a City of Industry-based biopharmaceutical and digital health firm, has raised $1.5 million from investors, according to a securities filing.
The biotechnology company sold $1.5 million in securities to nine investors out of a securities offering of $11,000, according to the July 25 filing with the Securities and Exchange Commission.
The sale follows a nearly $12 million funding round last April, one of the largest this year within the Los Angeles biomedical sector.
Marina Biotech executives said they would employ the funds to market the company’s Prestalia drug to treat hypertension, along with a digital monitoring platform to help ensure patient compliance. The global market to combat stroke is estimated at $20 billion.
The company may also be poised to address the national opioid epidemic with a non-addictive painkiller.
Its IT-102/IT-103 drug – a combination of the popular Celebrex, made by Pfizer Inc., with a proprietary drug – could be approved by the U.S. Food and Drug Administration by as early 2019, executives said. The market for opioid replacements is estimated at $10 billion.
Health business reporter Dana Bartholomew can be reached at email@example.com. Follow him on Twitter @_DanaBart.