Amarin Corporation plc announced that it had secured financing of $3.0 million in the form of convertible bridge loan notes sold to several institutional investors. The financing consists of a short-term note and warrants, and will allow the company to operate through the end of September 2009.
The notes pay interest at a rate of 8%, mature on September 30, 2009, and are convertible at the option of the holder into the company’s American Depositary Shares. The warrants are for five years and are also convertible into American Depositary Shares based on a price to be determined in the future.
Amarin Corporation plc is attempting to place more permanent financing and has signed a non-binding agreement with several investors for up to $55 million in financing. The company has commitments for a little more than 50% of this amount.
Amarin Corporation plc is a biotechnology company that is focusing research primarily on drugs designed to treat cardiovascular disease. The company’s lead drug candidate is AMR101, which is currently in Phase 3 clinical development for the treatment of hypertriglyceridemia and mixed dyslipidemia. Both conditions indicate high levels of triglycerides in a patient’s blood. Amarin Corporation plc is also conducting research for the treatment of central nervous system disorders.
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