Company sells American Depositary Shares at $0.15 each in offering
By Devika Patel
Knoxville, Tenn., March 31 – Amarin Corp. plc settled a $52.82 million initial tranche of a $58.65 million private placement of American Depositary Shares on March 30, according to an 8-K filed Tuesday with the Securities and Exchange Commission. The deal was announced as a $52.82 million sale on March 6 and was subsequently increased to $58.65 million.
The company is selling the ADS at $0.15 each. It sold 352,150,790 ADS on March 30.
Sofinnova Venture Partners VII LP invested $5.83 million in the March 30 tranche.
Each ADS represents one series A convertible preference share. Every 10 preference shares may be consolidated and re-designated as one ordinary share.
Proceeds will be used for the commercialization of Vascepa capsules, to advance the company’s REDUCE-IT cardiovascular outcomes trial and for general corporate and working capital purposes.
The biopharmaceutical company is based in Bedminster, N.J.
| Issuer: | Amarin Corp. plc
|
| Issue: | American Depositary Shares
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| Amount: | $58,652,695
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| Price: | $0.15
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| Warrants: | No
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| Investor: | Sofinnova Venture Partners VII LP (for $5,830,077)
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| Announcement date: | March 6
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| Settlement date: | March 30 (for $52,822,619)
|
| Stock symbol: | Nasdaq: AMRN
|
| Stock price: | $2.41 at close March 27
|
| Market capitalization: | $419.02 million
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