Amarin's cash balance grows to $22.5 million; will fund current and upcoming trials

By Jennifer Lanning Drey

Portland, Ore., Nov. 9 - Amarin Corp. plc boosted its cash balance during the third quarter to $22.5 million, compared with $13.7 million for the comparable period in 2005, according to a company news release.

The increase was primarily the result of an $18.7 million equity fundraising closed during the quarter, according to Alan Cooke, Amarin's chief financial officer.

"Amarin is now in a very strong financial position," Cooke said during the company's quarterly earnings call held Thursday.

The increase in funding will allow Amarin to complete two phase 3 clinical trials of Miraxion for Huntington's disease and begin three new phase 2 clinical trials in 2007, Cooke said.

"The completion of the recent funding also positions Amarin to better execute its strategy to supplement its internal development pipeline through the acquisition and in-licensing of other exciting, new clinical-stage programs in neurology," he said.

In the coming year, Amarin plans to begin a phase 2b clinical trial of Miraxion in melancholic depression and a separate phase 2 neuro-imaging study of Miraxion in Parkinson's disease.

Additionally, the company will begin a short pharmacokinetic study of its novel oral formulation of apomorphine that will determine the regulatory pathway for the drug.

However, completion of Amarin's ongoing phase 3 clinical trials of Miraxion for Huntington's disease remain the company's priority and focus, chief executive officer Rick Stewart said Thursday.

During the third quarter, Amarin completed enrollment in U.S. and European clinical trials of Miraxion for Huntington's disease and plans to report top-line data from the trials in the second quarter of 2007, he said.

"This is a major achievement as the combination of the two trials represents the largest therapeutic program ever conducted in Huntington's disease," Stewart said.

Amarin intends to file for regulatory approval of Miraxion for Huntington's disease in both countries by mid 2007, he said.

Amarin reported a net loss of $7.3 million, or $0.09 per share, compared with an adjusted net loss of $5.0 million, or $0.10 per share, in the third quarter of 2005, according to the news release.

The increase in net loss reflects increased spending in research and development, primarily on the Huntington's disease trials, Cooke said.

Amarin is a neuroscience company located in London.

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