||EPS - Basic
||Market Cap (m)
Real-Time news about Amarin Corp (London Stock Exchange): 0 recent articles
|seangwhite: Elan's share price is steaming ahead these days, though this lot could have a long time to wait for similar share price rises I think.|
|lbo: Amarin raises nearly 3m through issue
Tuesday June 05 2007
AMARIN, whose share price collapsed in April after its Miraxion treatment for Huntington's disease failed to show any significant benefits in trials, has raised $3.7m (2.7m) through the sale of shares and warrants. An affiliate of former shareholder Southridge Capital Management invested $3m, with Amarin directors stumping up the remaining $700,000.
The company said it has placed 6.16m ordinary shares, priced at Amarin's closing price on the Nasdaq last Thursday of 60c.
The investors also received warrants to purchase 0.6m shares at an exercise price of 72c.
The number of new shares represents 5pc of Amarin's existing number of shares outstanding.
In addition, Amarin has entered into an agreement that allows it to draw down on up to $15m of additional equity funding by Southridge over the next three years.
Amarin was founded by former Elan finance director Tom Lynch, who owns 18pc of the company.
The company said last month that it had built up a "valuable" development pipeline for new drugs, despite the Miraxion disappointment.
Chief executive Rick Stewart said the company intended to develop this pipeline for the treatment of Parkinson's Disease, epilepsy seizures and other central nervous system disorders.
"The completion of this funding enables us to pursue the development of our four key programmes, three of which could potentially be in Phase II trials next year," said Stewart.
Drugs must go through three phases of clinical trials before a filing can be made for regulatory approval.
Amarin is quoted on the Dublin marlet and also on the screen bases NASDAQ market in New York.|
|lbo: Amarin facing Nasdaq delisting on low trading price
CLINICAL research firm Amarin, which was founded by former Elan finance director Tom Lynch, has warned that it may be delisted from the Nasdaq stock exchange.
In its 2006 annual report, the company said that because its stock has been trading under the $1 level following its share price collapse last month, under US exchange rules after a certain period Amarin can be delisted at that level.
The company's share price collapsed last month after trials of its Miraxion treatment for Huntington's disease failed to show any significant benefits. According to the annual report, Nasdaq rule 4320 states that a failure to meet the minimum bid price shall lead to a delisting after a certain period of time.
Shares in Amarin were down over 5pc on Nasdaq yesterday at 62.5¢.
The annual report also warned that the company has a history of losses and may not be able to attain profitability in the foreseeable future. It also said that historical financial results do not form an accurate basis for assessing its current business.
It also warned shareholders that it may have to issue additional equity, leading to dilution of shares, and also said that if it cannot find additional capital resources, it will have difficulty in operating as a going concern and growing its business.
Amarin shares slumped over 80pc on Nasdaq last month, with the slump coming just days after a number of brokers had upgraded the stock based on the potential success of Miraxion.
The collapse was bad news for a number of high net-worth Amarin backers, including chairman Mr Lynch, Ryanair founder Tony Ryan and financier Dermot Desmond.
Yesterday, Amarin said that its first-quarter operating loss widened to $9.7m from $6.6m due to higher research and development costs and non-cash share-based compensation expenses.
The company said its R&D expenses for the quarter rose to $4.38m compared with $2.79m, due to the costs of the two Phase III trials with Miraxion in Huntington's disease. However, net loss narrowed to $8.8m against a loss of $9m in the year-ago period.
As at March 31, 2007, Amarin had cash balances of $29m.
According to the annual report, Tom Lynch's total pay package was $482,000 compared with $250,000 in 2005. Chief executive Rick Stewart was paid a total of $815,000, while Alan Cooke, chief financial officer, got $464,000.|
|lbo: All confidence by investors and the brokers is now gone in the guys who were involved in Elan and now Amarin IMHO.
"There were also some bitter pills to be swallowed by followers of the pharma sector.
Elan lost 5pc to 10.28 as a disappointing uptake of the group's multiple sclerosis treatment Tysabri, which was relaunched last year, led to the company posting a wider-than-expected first quarter loss of $93m.
But Elan's woes pale in comparison to Amarin's 80pc share price collapse after it said that its pipeline Huntington's disease drug Miraxion had failed in two late stage trials.
The news was all the more shocking following a decent run by the stock, particularly in light of broker upgrades from Davy Stockbrokers and Goodbody Stockbrokers in recent weeks amid high hopes for the drug"|
|patricktrfc: Latif fair enough...
But they have quite a few other products on the go, backed by ex FD of Elan and Dermot Desmond.....
Share price down 80%...must be a proper bounce soon.
|bozzy_s: At 4.30 (close of UK market) share price in US was 77c. Currently 84c. You holders can check the progress by searching amarin to add to your monitor, and select the nasdaq listing.|
Amarin share price data is direct from the London Stock Exchange