Amarin Share Discussion Threads

[lbo] 14/5/2008 13:44

Amarin to raise $60m from investors

[grahambr] 22/2/2008 10:40

Check out AMRN on NASDAQ and you will see RNS 25/1/2008 not shown over here. Recommended as a speculative buy target $7.

[lbo] 11/1/2008 14:53

Still people say sell this.


Lorazepam study successful, says Amarin
By John Mulligan
Friday January 11 2008

Drug firm Amarin has said that it has successfully completed a preclinical proof of concept study for a nasal delivery form of Lorazepam, which is used for the emergency treatment of epileptic seizures.

The company added that it is now working with an Elan subsidiary in order to prepare the nasal formulation for human trials.

Amarin, which is listed on the Nasdaq and the IEX, was founded by Elan's former chief financial officer Thomas Lynch.

Last year, the company suffered a setback when a drug being developed to treat Huntington's Disease, Miraxion, was found to have failed to improve symptoms caused by the inherited gene disorder. The news caused the company's stock to fall and the company also wrote down its investment in Miraxion by $8.8m.

Goodbody Stockbrokers analyst Ian Hunter said yesterday that given the early stages of the new nasal delivery Lorazepam treatment, he was not giving any estimates for potential revenue from the product, which is targeting a potential $300m market.

Mr Hunter has a 'reduce' rating on the stock. Amarin previously said that it intends to begin initial trials of the product in the first half of this year.

In November, Amarin reported a third-quarter net loss of $5.9m, compared with a loss of $6.6m in the same period in 2006.

Last month, the company completed the €22m acquisition of Israeli group Ester Neurosciences.

[lbo] 06/12/2007 11:34

Falling on Nasdaq again!

Amarin to buy Israeli research firm for $32m

Pharmaceutical group Amarin is buying an Israeli research and development company for up to $32 million (€21.8 million).

The acquisition of Ester Neurosciences will give Amarin access to clinical technology relating to the treatment of Myasthenia Gravis, a chronic auto-immune condition.

The deal involves an initial $5 million cash payment to Ester shareholders and a further $10 million payment made through the issue of new Amarin shares. Additional payments totalling $17 million in cash and shares will be based on Ester meeting specified targets including the completion of trials in the US.

Funding for the deal will, in part, be provided by an $8.1 million financing, which Amarin expects to close this week. Directors and other executives have committed $1.7 million to this, while other key shareholders, including Dermot Desmond and Dr John Climax of Icon, are also thought to have provided support. Amarin is chaired by former Elan finance director Tom Lynch.

The $8.1 million financing is designed to allow Amarin to make the initial $5 million payment to Ester shareholders without the firm needing to access its cash reserves. The remaining $3.1 million will be used to integrate and advance Ester's technology within Amarin's business.

Rick Stewart, Amarin chief executive, said the Ester deal would allow the firm to "strengthen its scientific base" with a drug platform that had already proved itself through clinical data.

"It's a very exciting platform. This is good stuff," he said.

The market was not so convinced yesterday, however, with Amarin's shares trading almost 14 per cent lower at 36 US cents on the Nasdaq yesterday afternoon.

Amarin also said yesterday that it would be asking its shareholders to approve a one-for-10 stock split that would allow the firm to meet Nasdaq requirements for its shares to trade above $1. A stock trading below this level is liable to be delisted by Nasdaq.

Mr Stewart said the planned split would take the shares "way beyond" the $1 level.

Yesterday's deal comes eight months after almost €200 million was wiped off Amarin's value when it emerged that one of its drugs had failed in trials for the treatment of Huntington's Disease. More recently, the com-pany's Huntington's programme received a boost from US regulators, which said trial data could support a new drug application

[lbo] 29/11/2007 12:17

And back down again! Even the feable attempt at making up good news did not work for Amarin.

[keelingr] 19/11/2007 22:55

closed up 45% on the Nasdaq...more to come tomorrow at the conference call i think

[grahambr] 19/11/2007 19:14

Currently 38% upon Nasdaq.

[plusandminus] 05/9/2007 08:01

graham, I agree with your analysis.

The Placing Announced on the 4 June 2007 (after the very disappointing Trial results were known!!!)was done at 60 US Cents, despite all the doom and gloom
at that time.

That encouraged me to buy a few around the recent 40 Cent lows.
The recovery over the last couple of sessions, on decent volume, looks very
encouraging and I will add again if they close above 60 Cents.

The Nasdaq listing might yet be retained, if they can get back above the one
dollar mark. Either way the stock is listed in London and Dublin so that should
ensure an ongoing market.

[grahambr] 04/9/2007 20:50

Plus
Yep 16% up 1500 trades and twice as many buys as sells. I get the feeling that this is a little bit more than just bottom fishing. hopefully some good news will come on some of the projects. I bought in after the collapse of the failed trials but was spured on by the previous results, and also by the financial backing they have secured. Highly risky but still a good bet here I reckon.

[plusandminus] 04/9/2007 20:26

yes graham, some very interesting trades on Nasdaq, today.
Over 2 million shares when I last looked, they traded as high as 65 US cents
at one stage and were trading up on both the London and Irish markets yesterday,
when the States were closed ( and also traded up in both those Markets today,
before the States opened, on rather small volume).

Will be very interesting to see where they Close tonight ????

[grahambr] 04/9/2007 15:57

Up 18% on the NASDAQ 2Day with trading increasing daily 700 trades so far.
I love to converse with myself. Hey this looks like a turnaround for whatever reasson !


Yes it does I wonder ?

C U

C U

[grahambr] 03/9/2007 16:39

Mystery as to why the price is rising, maybe we were low on the bid and are now inline with USA which seems to have traded quite alot recently.

[grahambr] 02/9/2007 15:44

Still holding even topped up. Bit of a rise on Friday could signify the bottom has gone.

[future earner] 02/9/2007 11:13

where's everybody gone.....

[seangwhite] 18/6/2007 10:16

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] 05/6/2007 14:40

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.

Agreement

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.

Trials

"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] 31/5/2007 13:58

Looks like they want to float another Elan dog!

Merrion's $46m IPO to fund its new drugs

MERRION Pharmaceuticals' upcoming initial public offering (IPO) of up to $46m of stock will be used to fund the development of its drugs pipeline, which will initially cost $35m. The company's draft prospectus, filed with the US Securities and Exchange Commission (SEC), said that the fresh capital will not be enough to fund all its clinical trials. The company is currently on the lookout for a licensing partner to bring its most advanced drug, an osteoporosis treatment called MER 103, through Phase III trials. This is the final stage before an application is made for regulatory approval. The new licensee will carry future clinical development costs for the treatment. The osteoporosis drugs market was worth over $7bn in 2005, according to research company Business Insights. Merrion's focus is on drugs with potential market value in excess of $300m. It will also seek out partnerships for other pipeline drugs, including one for bone cancer which is in Phase II, and treatments for prostate cancer and deep vein thrombosis, both of which are at the pre-clinical phase. Merrion, led by Michael McKenna, was founded by Growcorp, an Irish life sciences venture capital company, in 2003 to exploit drug delivery technology that was bought from Elan for $2.5m. It is seeking a listing on the Nasdaq in New York as well as London's Alternative Investment Market (AIM) and IEX in Dublin. The company has generated $200,322 in revenues and made a total loss of $12.4m since its inception. The company has so far brought in about $24m in debt and equity fund-raisings. Investors include Irlandia, the investment vehicle of Ryanair founder Tony Ryan. Irlandia's managing director, Declan Ryan, a son of Tony, is chairman of Merrion. Other investors include Cork venture capital (VC) firm Kernel Capital Partners, Enterprise Ireland and private investors. Elan still owns about 5pc of the company. The draft prospectus does not give a date for the IPO, a valuation for the company or details on how many shares will be issued.

[grahambr] 29/5/2007 08:22

They need to find a fault with the last trial , like they gave placebos to all the patients instead of half (I wish).

[seangwhite] 29/5/2007 08:18

Looks like the boys in charge are being paid well for leading this dog.Cannot see it coming round for a long time yet.

[lbo] 11/5/2007 14:30

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] 11/5/2007 14:23

The only "up" with this at the moment is "up" in smoke!

"As of March 31st, Amarin had cash of $29 million, compared to $36.8 million on December 31st, 2006. Davy analyst Jack Gorman said the company had enough cash for at least 12 months"

I can hear the bomb ticking!

[chrissingh] 03/5/2007 10:33

It is up today so it seems that we have seen the bottom. Interest is low in this stock, but at least the mm are away which is good news.

[patricktrfc] 02/5/2007 12:38

LBO ,

Apologies, no offence meant, it was just the timing of your posts, a minute apart at 11pm at night.

Your opinion is as valid as anyone elses, and any posts that give other views should be read by all posters. Remember being comforted by BPRG ramping posters when the share price was going down the pan, a more reasoned judgement might have saved me a fortune! Have to say I am surprised by the share price here, expected more of a rally, but these will have to go in my "long term investment" pile!
To be honest should have noticed the thin market in the UK tradewise and stayed clear, although I believe the firm will be OK and a good return in a year or so.

Best of luck anyway.


P