LONDON, January 18 /PRNewswire-FirstCall/ -- Amarin Corporation plc (NASDAQ: AMRND) today announced that, at a General Meeting held yesterday, its shareholders approved a 1 for 10 reverse split of each of its Ordinary Shares. The reverse split became effective as of the close of business yesterday, January 17, 2008.
Thomas Lynch, Amarin Chairman and Chief Executive Officer, commented "We are very pleased to report that over 95% of the votes cast by our shareholders approved the one-for-ten reverse stock split. We have made good progress in recent months expanding our management team and broadening our pipeline and look forward to executing on our strategy which we believe will drive shareholder value in 2008."
Under customary Nasdaq practice, with effect from today, January 18, 2008, and for a period of 20 trading days, a "D" will be appended to Amarin's Nasdaq ticker symbol and during that period Amarin's Nasdaq ticker symbol will appear as "AMRND".
Through 2007, the Company embarked upon a program of broadening its development pipeline with the objective of having multiple late stage programs with an appropriate balance of portfolio risk.
This was facilitated by the achievement of a number of important milestones. Firstly, the completion of a comprehensive analysis of the 12-month data from the US Phase III trial of Miraxion (AMR101) in Huntington's disease (HD) showing a statistically significant benefit with Miraxion over longer periods of treatment, and the corresponding feedback from the U.S. Food and Drug Administration (FDA).
Amarin also conducted a thorough analysis and re-configuration of its
existing pipeline from which the Company's cardiovascular initiative was
|SOURCE Amarin Corporation Plc|
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