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Amarin Announces Financial Results for Fourth Quarter and Full Year 2007
Date:5/19/2008

in reported an operating loss of $40.7 million, compared with an operating loss of $28.1 million for the comparative period in 2006. The 2007 increase in operating loss compared with 2006 is mainly due to the $8.8 million impairment of intangible assets; an increase in non-cash share-based compensation expenses of $2.8 million; reorganization costs of $1.9 million associated with the resignation of the Company's former chief executive officer and the planned closing of the Company's offices in London; and increased selling, general and administration costs primarily reflecting increased personnel costs and the significant level of business development activities during the year. These amounts are partly offset by a reduction in research and development costs.

As at December 31, 2007, the Company had cash balances of $18.3 million. As previously reported, on May 14, 2008, Amarin announced a private placement of ordinary shares for up to $60 million to be funded in two equal tranches. Amarin expects to announce the closing of the first tranche shortly. The investors in this funding have an option to fund up to $30 million in the second tranche, upon completion of certain business milestones by the Company. Amarin now forecasts having sufficient cash to fund operations for at least the next 12 months.

About Amarin

Amarin is a biopharmaceutical company focused on improving the lives of patients suffering from cardiovascular and central nervous system (CNS) diseases. Amarin's cardiovascular programs capitalize on the known therapeutic benefits of essential fatty acids in cardiovascular disease. Amarin's CNS development pipeline includes programs in myasthenia gravis, Huntington's disease, Parkinson's disease, epilepsy and memory. Amarin also has two proprietary technology platforms: a lipid-based technology platform for the targeted transport of molecules through the liver and/or to the brain, and a unique mRNA technology based on cholinergic neuromo
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SOURCE Amarin Corporation Plc
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