Key Developments For Amarin Corporation Plc
Amarin Corporation Plc (AMRN.O) (Consolidated Issue listed on NASDAQ Capital Market)
Amarin Corporation Plc Announces Completion Of First Tranche Of $60 Million Private Placement
Amarin Corporation Plc announced that it has closed the $30 million first tranche of $60 million private placement. The net proceeds of the first tranche, after deducting the placement agents' fees and estimated offering expenses, will be approximately $27 million. Cowen and Company LLC acted as the lead placement agent for the transaction, with Rodman & Renshaw LLC acting as co-placement agent.
Amarin Corporation plc Announces Private Placement For Up To $60 Million
Amarin Corporation plc announced a private placement of American Depositary Shares (each representing one ordinary share) (ADSs) with several new institutional and accredited investors, and potentially certain directors of the Company, for up to $60 million funded over two equal tranches. The new investors, who have entered into definitive agreements for gross proceeds of up to $56 million, comprise Sofinnova Ventures, OrbiMed Advisors LLC, Thomas, McNerney & Partners, Panorama Capital, Longitude Capital and Fountain Healthcare Partners. The first $28 million tranche is expected to close shortly. The investors will have an option to provide up to $28 million in a second tranche upon completion of certain business milestones by the Company, potentially over the next 12 months. Certain directors of the Company have indicated an interest in investing up to an additional $4 million in the placement, also over two equal tranches, bringing the potential total of the placement up to $60 million. Cowen and Company LLC acted as the lead placement agent for the transaction. The Company intends to use the proceeds from this financing for progressing its cardiovascular and CNS research and development pipeline, for general corporate purposes, and the retirement of its $2.75 million convertible debentures issued in December 2007, after which the Company will be debt free.
Amarin Corporation Plc To Commence Phase II Trial With AMR101 In Age Associated Memory Impairment
Amarin Corporation Plc announced that it has received the necessary regulatory and ethical approvals to commence a Phase IIa trial in Age Associated Memory Impairment (AAMI) with AMR101 (ultra-pure ethyl-EPA). The Phase IIa trial will be a randomized, double-blind, placebo-controlled study. The trial will enroll 96 patients with AAMI who will be randomized to receive 1, 2 or 4 grams of AMR101 or placebo twice daily over a six-week period. Efficacy will be assessed by a computerised battery of cognition tests designed by Cognitive Drug Research (CDR) Ltd. The study is being conducted in the U.K. and patient recruitment is expected to commence shortly, with initial results expected in the second half of 2008.
Amarin Corporation plc Announces Appointment Of New CEO And President
Amarin Corporation plc announced that Rick Stewart, the Company's Chief Executive Officer (CEO), has resigned effective immediately to pursue other business interests. Thomas Lynch, Amarin's Chairman, has been appointed as Chief Executive Officer, also effective immediately. The Company also announced the appointment of Alan Cooke, currently Chief Financial Officer, to the additional position of President and Chief Operating Officer.
Amarin Corporation plc Announces Acquisition Of Ester Neurosciences Limited; Announces $8.1 Million Financing
Amarin Corporation plc announced that it has signed an agreement to acquire Ester Neurosciences Limited, a private research and development company based in Israel. The acquisition is expected to close tomorrow. The initial consideration is $15 million, plus up to $17 million in contingent payments. Ester's core assets include a platform messenger RNA (mRNA) silencing technology which targets the cholinergic pathway, EN101, a Phase II compound with promising efficacy data for the treatment of myasthenia gravis (MG) utilising this technology and a preclinical program in neurodegenerative and inflammatory diseases. The Company also announced that it has received financing commitments for approximately $8.1 million in gross proceeds in connection with public offerings of equity, three-year convertible debt and warrants. Directors and officers committed $1.7 million. The financing is expected to close this week.
