HD Blog

Amarin Announces Completion of $17.8 million Registered Direct Offering
LONDON, May 25 -- Amarin Corporation plc

(NASDAQSC: AMRN) today announced that it has completed its previously
announced registered direct offering with institutional and other accredited
investors, including certain directors and executive officers of Amarin, of
13.7 million American Depositary Shares for gross proceeds of $17.8 million.
The proceeds of the offering, after deducting the placement agent's fees and
estimated offering expenses, will be approximately $16.7 million. After
giving effect to Amarin's redemption of $2 million of loan notes in
connection with the purchase of shares by our chairman, Mr. Thomas Lynch, the
net proceeds will be approximately $14.7 million.
Directors and executive officers of Amarin have purchased an aggregate of
3.5 million shares in the offering, inclusive of the 1.5 million shares
issued on redemption of the loan notes, representing a total investment of
approximately $4.5 million.
Mr. Rick Stewart, Chief Executive Officer of Amarin commented, "we are
delighted to have successfully completed this $17.8 million registered direct
offering of Amarin shares. This offering, inclusive of the redemption of the
$2 million of loan notes, significantly strengthens Amarin's balance sheet.
We are now essentially debt-free. In addition, we have made significant
progress in recent months on planning the upcoming Huntington's disease phase
III trials with Miraxion and now have the requisite funding to commence them
in mid 2005."
Leerink Swann & Company served as placement agent for the transaction. A
copy of the prospectus supplement and accompanying prospectus related to the
offering may be obtained from Leerink Swann & Company at 590 Madison Avenue,
31st Floor, New York, NY 10022.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be the sale of the securities
in any state in which such offer, solicitation or sale would be unlawful
prior to registration or qualification under the securities laws of any such
state.
CORPORATE STRATEGY
Amarin's strategy is to directly commercialize its neurology pipeline in
the U.S. and to partner it for geographic markets outside the U.S. For
indications outside neurology, such as treatment unresponsive depression,
Amarin's strategy is to partner its pipeline globally. Amarin also intends to
acquire and in-license neurology products that Amarin can develop and market
directly in the U.S.
Amarin's goal is to capitalize on its strong reputation in neuroscience
and to become a leader in the development and commercialization of novel
drugs that address unmet medical needs.
About Amarin Corporation
Amarin Corporation plc is a neuroscience company focused on the
development and commercialization of novel drugs for the treatment of central
nervous system disorders. Miraxion, Amarin's lead development compound, is in
phase III development for Huntington's disease and in phase II development
for treatment unresponsive depression.
For press releases and other corporate information, visit our website at
http://www.amarincorp.com.
Statements in this press release that are not historical facts are
forward-looking statements that involve risks and uncertainties which may
cause the Company's actual results in future periods to be materially
different from any performance suggested herein. Such risks and uncertainties
include, without limitation, the inherent uncertainty of pharmaceutical
research, product development and commercialization, the impact of
competitive products and patents, as well as other risks and uncertainties
detailed from time to time in periodic reports. For more information, please
refer to Amarin Corporation's Annual Report for 2004 on Form 20-F and its
Form 6-Ks as filed with the U.S. Securities and Exchange Commission. The
Company assumes no obligation to update information on its expectations.