Novartis AG — Director's Dealing 2011

Jan 21, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Marina Biotech, Inc. (MRNA)
CIK: 0000737207
Period of Report: 2011-01-19

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
2011-01-19	Common Stock	S	10900	$1.50	Disposed	2888170	Direct
2011-01-19	Common Stock	S	2900	$1.51	Disposed	2885270	Direct
2011-01-19	Common Stock	S	6400	$1.52	Disposed	2878870	Direct
2011-01-19	Common Stock	S	600	$1.5225	Disposed	2878270	Direct
2011-01-19	Common Stock	S	500	$1.525	Disposed	2877770	Direct
2011-01-19	Common Stock	S	3300	$1.53	Disposed	2874470	Direct
2011-01-19	Common Stock	S	8400	$1.54	Disposed	2866070	Direct
2011-01-19	Common Stock	S	400	$1.55	Disposed	2865670	Direct
2011-01-19	Common Stock	S	8600	$1.56	Disposed	2857070	Direct
2011-01-19	Common Stock	S	700	$1.58	Disposed	2856370	Direct
2011-01-19	Common Stock	S	100	$1.59	Disposed	2856270	Direct
2011-01-20	Common Stock	S	1000	$1.22	Disposed	2855270	Direct
2011-01-20	Common Stock	S	800	$1.23	Disposed	2854470	Direct
2011-01-20	Common Stock	S	1800	$1.24	Disposed	2852670	Direct
2011-01-20	Common Stock	S	2100	$1.25	Disposed	2850570	Direct
2011-01-20	Common Stock	S	2700	$1.26	Disposed	2847870	Direct
2011-01-20	Common Stock	S	1000	$1.27	Disposed	2846870	Direct
2011-01-20	Common Stock	S	200	$1.29	Disposed	2846670	Direct
2011-01-20	Common Stock	S	2000	$1.30	Disposed	2844670	Direct
2011-01-20	Common Stock	S	2500	$1.31	Disposed	2842170	Direct
2011-01-20	Common Stock	S	1943	$1.32	Disposed	2840227	Direct
2011-01-20	Common Stock	S	2057	$1.33	Disposed	2838170	Direct
2011-01-20	Common Stock	S	2700	$1.35	Disposed	2835470	Direct
2011-01-20	Common Stock	S	208	$1.37	Disposed	2835262	Direct
2011-01-20	Common Stock	S	6292	$1.38	Disposed	2828970	Direct
2011-01-20	Common Stock	S	4500	$1.39	Disposed	2824470	Direct
2011-01-20	Common Stock	S	5200	$1.40	Disposed	2819270	Direct
2011-01-20	Common Stock	S	1500	$1.41	Disposed	2817770	Direct
2011-01-20	Common Stock	S	2800	$1.42	Disposed	2814970	Direct
2011-01-20	Common Stock	S	4400	$1.43	Disposed	2810570	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.

F2: Transactions continued on a subsequent Form 4 due to limitations on the number of reportable transactions.