Adds Promising Phase II Neurology Candidate
$8.1 Million Financing in Connection With Acquisition
Reverse Stock Split Planned for January 2008
LONDON, December 5 /PRNewswire-FirstCall/ -- Amarin Corporation plc (NASDAQ: AMRN) today announced that the Company has:
- Signed an agreement to acquire Ester Neurosciences Limited ("Ester"), a private research and development company based in Israel. The acquisition is expected to close tomorrow. The initial consideration is $15 million, plus up to $17 million in contingent payments. Ester's core assets include (i) a platform messenger RNA (mRNA) silencing technology which targets the cholinergic pathway; (ii) EN101, a Phase II compound with promising efficacy data for the treatment of myasthenia gravis ("MG") utilising this technology; and (iii) a preclinical program in neurodegenerative and inflammatory diseases.
- Received financing commitments for approximately $8.1 million in gross proceeds in connection with public offerings of equity, three-year convertible debt and warrants. Directors and officers committed $1.7 million. The financing is expected to close this week.
- Resolved to hold a General Meeting in January 2008 at which the Company's shareholders will be asked to approve a 1-for-10 reverse stock split, which is part of Amarin's definitive plan to regain and sustain compliance with Nasdaq listing requirements.
Rick Stewart, Chief Executive Officer of Amarin, commented, "We are
delighted to announce the signing of the Ester acquisition, which is an
excellent strategic fit for Amarin. This acquisition allows Amarin to gain
access to a unique mRNA platform technology based on breakthrough
|SOURCE Amarin Corporation Plc|
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