DUBLIN and MYSTIC, Conn., May 10, 2011 /PRNewswire/ — Amarin
Corporation plc (NASDAQ:
AMRN), a clinical-stage biopharmaceutical company focused on
cardiovascular disease, today reported financial results for the
quarter ended March 31, 2011 (Q1 2011). The Company also provided
an update on its business progress related to the development
program of AMR101, its lead product candidate. AMR101 is being
developed as a next generation lipid modification drug with an
initial clinical focus on the treatment of elevated triglyceride
levels, which is associated with the increased risk of developing
cardiovascular disease as well as being a component of certain
other metabolic disorders, such as diabetes and obesity.
Q1 2011 Financial UpdateAmarin’s cash and cash equivalents as
of March 31, 2011 totaled $129.5 million. This cash balance
includes $98.7 million in net cash proceeds received by Amarin in a
January 2011 public offering of 13.8 million ADSs (American
Depository Shares, each representing one ordinary share) at a price
of $7.60 per ADS. Additionally, during the three months ended
March 31, 2011, the Company issued 994,749 ADSs as a result of
the exercise of stock options and 4,557,364 ADSs as a result of the
exercise of warrants, resulting in net proceeds to the Company of
$1.7 million and $6.5 million, respectively.
Amarin had approximately 126.2 million ADSs, 29.4 million
warrants and 10.4 million stock options outstanding at March 31,
2011.
During the three months ended March 31, 2011, net cash
outflows from operating activities were $8.8 million compared to
$7.8 million for the same period in 2010. During Q1 2011, the
Company’s total operating expenses were $7.2 million compared to
$7.4 million in the same period of the prior year. This
reduction was a result of lower research and development costs,
reflecting the timing of clinical trial cos
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