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 companyâ€™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 companyâ€™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 patientâ€™s blood. Amarin Corporation plc is also conducting research for the treatment of central nervous system disorders.