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GEN News Highlights : Oct 13, 2009

Amarin Reports $70M Private Placement

Money will be used to advance Phase III development of AMR101 in cardiovascular indications.

Amarin entered a $70 million private placement and will use the proceeds to progress two Phase III trials with AMR101 in patients with very high triglyceride levels and mixed dyslipidemia. The company believes that the funding is sufficient to take both trials up to the NDA-filing stage.

The private placement consists of $66.4 million in cash and $3.6 million from the conversion of convertible bridge notes. In consideration for the $66.4 million received in cash, Amarin will issue 66.4 million units. Each unit has a purchase price of $1.00 and consists of one American Depositary Share (ADS) and a warrant to purchase 0.50 of an ADS. The warrants will have a five-year term and an exercise price of $1.50 per ADS. 

In consideration for the conversion of $3.6 million principal amount of convertible bridge notes, Amarin will issue 4.0 million units. Each unit has a purchase price of $0.90 and consists of one ADS and a warrant to purchase 0.50 of an ADS. These warrants will also have a five-year term and an exercise price of $1.50 per ADS. Amarin will use a part of the net proceeds received through this private placement for the retirement of $1.9 million in bridge financing and for general corporate purposes.