Novartis AG — Director's Dealing 2011

Jan 25, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Marina Biotech, Inc. (MRNA)
CIK: 0000737207
Period of Report: 2011-01-21

Reporting Person: Novartis Bioventures Ltd (10% Owner)
Reporting Person: NOVARTIS AG (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-01-21	Common Stock	S	200	$1.23	Disposed	2804670	Direct
2011-01-21	Common Stock	S	4900	$1.24	Disposed	2799770	Direct
2011-01-21	Common Stock	S	34200	$1.25	Disposed	2765570	Direct
2011-01-21	Common Stock	S	22865	$1.26	Disposed	2742705	Direct
2011-01-21	Common Stock	S	5935	$1.27	Disposed	2736770	Direct
2011-01-21	Common Stock	S	900	$1.28	Disposed	2735870	Direct
2011-01-21	Common Stock	S	300	$1.29	Disposed	2735570	Direct
2011-01-21	Common Stock	S	200	$1.30	Disposed	2735370	Direct
2011-01-24	Common Stock	S	300	$1.15	Disposed	2735070	Direct
2011-01-24	Common Stock	S	2100	$1.16	Disposed	2732970	Direct
2011-01-24	Common Stock	S	3000	$1.17	Disposed	2729970	Direct
2011-01-24	Common Stock	S	14200	$1.18	Disposed	2715770	Direct
2011-01-24	Common Stock	S	3883	$1.19	Disposed	2711887	Direct
2011-01-24	Common Stock	S	17907	$1.20	Disposed	2693980	Direct
2011-01-24	Common Stock	S	400	$1.2025	Disposed	2693580	Direct
2011-01-24	Common Stock	S	600	$1.205	Disposed	2692980	Direct
2011-01-24	Common Stock	S	23800	$1.21	Disposed	2669180	Direct
2011-01-24	Common Stock	S	100	$1.2125	Disposed	2669080	Direct
2011-01-24	Common Stock	S	6510	$1.22	Disposed	2662570	Direct

Footnotes

F1: These shares are directly owned by Novartis Bioventures Ltd. Novartis Bioventures Ltd. is a wholly-owned indirect subsidiary of Novartis AG, which is an indirect beneficial owner of the reported securities.