Amarin Announces Completion of the First Tranche of $60 Million Private Placement
22 5월 2008 - 10:07PM
PR Newswire (US)
Appoints Four New Directors to Board DUBLIN, May 22
/PRNewswire-FirstCall/ -- Amarin Corporation plc (NASDAQ: AMRN)
today announced that it has closed the $30 million first tranche of
its previously announced $60 million private placement. The net
proceeds of the first tranche, after deducting the placement
agents' fees and estimated offering expenses, will be approximately
$27 million. In conjunction with the financing, Amarin has
appointed to its Board representatives of the four largest
investors in the placement. The new non-executive directors are Dr.
James Healy of Sofinnova Ventures, Dr. Carl Gordon of OrbiMed
Advisors LLC, Dr. Eric Aguiar of Thomas, McNerney & Partners,
and Dr. Srinivas Akkaraju of Panorama Capital. Non-executive
directors retiring from the Amarin Board are Mr. John Groom, Dr.
Simon Kukes, Dr. Prem Lachman, Professor William Hall, and Dr.
Michael Walsh. Thomas Lynch, Chairman and Chief Executive Officer
of Amarin, Commented, "I am pleased to welcome our new board
members and look forward to working closely with them in growing
our company in the future. On behalf of the Company's directors and
my colleagues at Amarin, I would also like to thank our retiring
non-executive directors for their valuable contribution to Amarin
over the past number of years." Incoming director Dr. Healy,
General Partner of Sofinnova Ventures, added, "We are excited to be
involved with Amarin at this juncture, in what we view as a new
phase in the Company's development. The combination of Amarin's
experienced management team, lipid science expertise and promising
pipeline make this an attractive opportunity." The Company is also
decreasing the size of its Board from eleven members to eight
members, to better reflect its stage of development. As a result,
Mr. Alan Cooke and Dr. Declan Doogan have also retired from the
Board. Mr. Cooke's and Dr. Doogan's executive roles as President
and Chief Operating Officer and Head of Research and Development,
respectively, are unchanged. Following the closing of this first
tranche of the financing, Amarin has 27,046,716 Ordinary Shares in
issue. Cowen and Company LLC acted as the lead placement agent for
the transaction, with Rodman & Renshaw LLC acting as
co-placement agent. Amarin's Board now comprises Mr. Thomas Lynch,
Chairman and Chief Executive Officer; Dr. William Mason, Lead
Independent Director; Dr. John Climax; Mr. Anthony Russell-Roberts;
Dr. James Healy; Dr. Carl Gordon; Dr. Eric Aguiar and Dr. Srinivas
Akkaraju. Short biographies of the new directors follow: James
Healy, M.D., Ph.D., joined Sofinnova Ventures as a General Partner
in 2000. Dr. Healy was a founding investor and board member of
Cellective (acquired by MedImmune), CoTherix (acquired by
Actelion), Novacea, and Intermune. He also serves on the boards of
directors of several private companies. In the pharmaceutical
industry Dr. Healy held positions at Bayer Pharmaceuticals (Miles)
and ISTA Pharmaceuticals prior to its initial public offering. He
began his private equity career at Sanderling. Dr. Healy earned
B.A.s in Molecular Biology and Scandinavian Studies from the
University of California at Berkeley, where he graduated with
Distinction in General Scholarship, Honors, and received a
Departmental Citation. He received his M.D. from Stanford
University's School of Medicine through the Medical Scientist
Training Program, and earned his Ph.D. in Immunology from Stanford
University, where he was a Beckman Scholar and received a bursary
award from the Novartis Foundation. Dr. Healy teaches a course on
entrepreneurship at Stanford University, and is an active member of
the BIO-NVCA Working Group. Carl L. Gordon, Ph. D., CFA, is a
founding General Partner and Co-Head of Private Equity of OrbiMed
Advisors LLC. Dr. Gordon is active in both private equity and
small-capitalization public equity investments. He was a senior
biotechnology analyst at Mehta and Isaly from 1995 to 1997. He was
a Fellow at The Rockefeller University from 1993 to 1995. Dr.
Gordon received a Ph.D. in Molecular Biology from the Massachusetts
Institute of Technology. His doctoral work involved studies of
protein folding and assembly. He received a Bachelors degree from
Harvard College. Dr. Eric Aguiar is a Partner at Thomas, McNerney
& Partners. He has 16 years of experience in the
biopharmaceutical industry. From 2001 to 2007 he was a Managing
Director at HealthCare Ventures. Prior to joining HealthCare
Ventures, he was CEO of Genovo, Inc. Dr. Aguiar was an executive at
TheraTech, a drug delivery company that was sold to Watson
Pharmaceuticals in 1997. He was a Managing Director and Vice
President of Philadelphia Ventures in the mid-1990's. Prior board
seats have included CardioKine, SkinMedica, Vaxinnate, Metaphore
Pharmaceuticals, 3-D Pharmaceuticals, and ThromboSys. He graduated
from Harvard Medical School and Cornell University with honors. Dr.
Srinivas Akkaraju is a founding Managing Director of Panorama
Capital and focuses primarily on life sciences investments.
Previously, he was with J.P. Morgan Partners, serving as a
Principal, starting in April 2001 and becoming a Partner in January
2005. From 1998 to 2001, Dr. Akkaraju was in Business and Corporate
Development at Genentech, Inc., most recently as Senior Manager
responsible for worldwide partnering activities, in-licensing of
therapeutics, and out-licensing of development projects. In
addition to his business development role, Dr. Akkaraju also served
as a Project Team Leader for one of Genentech's clinical
development products. During this time, he also was a founding
member of BioStreet, an online marketplace for biotech
opportunities. Dr. Akkaraju holds B.A. degrees in both Biochemistry
and Computer Science from Rice University and an M.D. and Ph.D. in
Immunology from Stanford University School of Medicine. Dr.
Akkaraju currently serves on the board of directors of Presidio
Pharmaceuticals, Itero Biopharmaceuticals, Barrier Therapeutics,
Inc., Phenomix Corporation, Piramed Limited, Seattle Genetics,
Inc., and Pharmos, Inc. This press release shall not constitute an
offer to sell or the solicitation of an offer to buy nor shall
there be the sale of the securities in any state in which such
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state. About
Amarin Amarin is a biopharmaceutical company focused on improving
the lives of patients suffering from cardiovascular and central
nervous system (CNS) diseases. Amarin's cardiovascular programs
capitalize on the known therapeutic benefits of essential fatty
acids in cardiovascular disease. Amarin's CNS development pipeline
includes programs in myasthenia gravis, Huntington's disease,
Parkinson's disease, epilepsy and memory. Amarin also has two
proprietary technology platforms: a lipid-based technology platform
for the targeted transport of molecules through the liver and/or to
the brain, and a unique mRNA technology based on cholinergic
neuromodulation. Amarin has its primary stock market listing in the
U.S. on the NASDAQ Capital Market ("AMRN"). Disclosure Notice The
information contained in this document is as of May 22, 2008.
Amarin assumes no obligation to update any forward-looking
statements contained in this document as a result of new
information or future events or developments. This document
contains forward-looking statements about Amarin's financial
condition, results of operations, business prospects and products
in research that involve substantial risks and uncertainties. You
can identify these statements by the fact that they use words such
as "will", "anticipate", "estimate", "expect", "project",
"forecast", "intend", "plan", "believe" and other words and terms
of similar meaning in connection with any discussion of future
operating or financial performance or events. Among the factors
that could cause actual results to differ materially from those
described or projected herein are the following: Amarin's ability
to maintain sufficient cash and other liquid resources to meet its
operating and debt service requirements; the success of Amarin's
research and development activities; decisions by regulatory
authorities regarding whether and when to approve Amarin's drug
applications, as well as their decisions regarding labeling and
other matters that could affect the commercial potential of
Amarin's products; the speed with which regulatory authorizations,
pricing approvals and product launches may be achieved; the success
with which developed products may be commercialized; competitive
developments affecting Amarin's products under development; the
effect of possible domestic and foreign legislation or regulatory
action affecting, among other things, pharmaceutical pricing and
reimbursement, including under Medicaid and Medicare in the United
States, and involuntary approval of prescription medicines for
over-the-counter use; Amarin's ability to protect its patents and
other intellectual property; claims and concerns that may arise
regarding the safety or efficacy of Amarin's product candidates;
governmental laws and regulations affecting Amarin's operations,
including those affecting taxation; risks relating to the Company's
ability to maintain its Nasdaq listing; general changes in
International Financial Reporting Standards; and growth in costs
and expenses. A further list and description of these risks,
uncertainties and other matters can be found in Amarin's Form 20-F
for the fiscal year ended December 31, 2007, filed with the SEC on
May 19, 2008. DATASOURCE: Amarin Corporation Plc CONTACT: Contacts:
Amarin +353(0)1-669-9020, Thomas Lynch, Chairman and Chief
Executive Officer, Alan Cooke, President and Chief Operating
Officer, Darren Cunningham, EVP Strategic Development and Investor
Relations, ; Investors: Lippert/Heilshorn & Associates, Inc.
Anne Marie Fields +1-212-838-3777, Bruce Voss +1-310-691-7100,
Media: Powerscourt +44(0)207-250-1446, Rory Godson, Paul Durman
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