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

y Share

consolidation.

4. Non-current assets - Intangible assets

Intangible assets of $19,916,000 relate to the acquisition of Ester

Neurosciences Limited on December 5, 2007 representing the upfront

acquisition consideration already satisfied in cash and shares in

December 2007 plus $4,756,000 of a provision relating to a future

contingent milestone, likely payable during 2008. This milestone is

payable in cash or shares, at Amarin's option (see note 6 below).

5. Non-current liabilities - Convertible debt

In December 2007, the company issued $2.75 million 8% convertible notes.

These notes are being repaid out of the proceeds of the first tranche of

the funding announced on May 14, 2008.The difference between the carrying

amount of the liability component at the date of issue and the amount

reported in the balance sheet at December 31, 2007 represents the change

in amortized cost under the effective interest rate method.

6. Current liabilities - Provisions

Included in provisions is $4,756,000 which relates to the fair value of

the contingent consideration payable to former Ester shareholders in cash

or shares, at Amarin's option, on the achievement of a certain milestone

as a result of the acquisition of Ester Neurosciences Limited on December

5, 2007. The achievement of this milestone is considered to be probable

and is recognized as a liability.

7. Basis of preparation

As at December 31, 2007, the Company had cash balances of $18,303,000.

As previously announced, 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


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SOURCE Amarin Corporation Plc
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