DUBLIN, Ireland, May 19 /PRNewswire-FirstCall/ -- Amarin Corporation plc (NASDAQ: AMRN) ("Amarin" or "Company") today reported financial results for the fourth quarter and full year ended December 31, 2007. For the fourth quarter of 2007, Amarin reported a net loss of $7.9 million, or $0.72 per share, compared with a net loss of $5.0 million, or $0.57 per share, in the fourth quarter of 2006. The increase in net loss for the quarter is primarily due to reorganization costs and higher share-based compensation costs.
For the year ended December 31, 2007, Amarin reported a net loss of $38.2 million or $3.90 per share, compared with a net loss of $26.8 million or $3.25 per share for the year ended December 31, 2006. The increase in net loss for the year is primarily due to the previously announced write-off of the Miraxion intangible asset of $8.8 million in the second quarter of 2007, reorganization costs and higher share-based compensation costs, partly offset by a reduction in research and development costs.
The net loss per share amounts reflect the one-for-ten reverse stock split which took effect on January 18, 2008. Figures for the comparative periods have been restated to International Financial Reporting Standards ("IFRS"). For further information with respect to the application of IFRS to our accounts, please refer to our 2007 IFRS Annual Report on Form 20-F filed with the United States Securities and Exchange Commission ("SEC") on May 19, 2008 and our IFRS transition document which was furnished to the SEC on Form 6-K and is available on the Company's website.
Three months ended December 31, 2007
For the quarter ended December 31, 2007, Amarin's operating loss was
$7.7 million, compared with an operating
|SOURCE Amarin Corporation Plc|
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