Alan Cooke, President and Chief Financial Officer of Amarin, added, "The Ester acquisition achieves our stated objective of adding one more clinical stage program with efficacy data to our pipeline with the additional benefit of the valuable underlying technology platform. The concurrent financing enables the Company to make the initial $5 million cash payment to Ester shareholders without utilizing the Company's existing cash reserves and provides additional working capital to invest in integrating and advancing Ester's programs along with our existing development pipeline in neurology and cardiovascular disease."
Eli Hazum, Chief Executive Officer of Ester and a partner at Medica Venture Partners, the company founders, commented, "Amarin's experience with neurological disorders and strong management team will be of considerable benefit in advancing our Phase II clinical program in myasthenia gravis and further developing our novel technology platform. We are very excited about the Phase II program as the interim results have demonstrated superior efficacy over MestinonTM, the current standard of care for this disease."
Nava Swersky Sofer, President and Chief Executive Officer of Yissum, the Hebrew University of Jerusalem's technology transfer company, from which Ester licensed the technology, commented, "This technology, developed by Professor Hermona Soreq, has the potential to aid numerous patients around the world suffering from debilitating chronic diseases. Ester has developed the technology over the past ten years, and we are delighted that Amarin has decided to take it to the next level using its considerable strengths and excellent team."
EN101 in Phase IIa for Myasthenia Gravis
Ester's lead product candidate, EN10
|SOURCE Amarin Corporation Plc|
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