Amarin Announces Revision to Non-Binding Term Sheet for Private Placement of up to $55 Million |
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| Wednesday, 22 July 2009 07:19 |
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The revised non-binding term sheet contemplates that the lead investors in the proposed financing, funds affiliated with Fountain Healthcare Partners, Sofinnova Ventures, Orbimed Advisors and Longitude Capital, along with other potential investors that have expressed strong interest, will purchase an aggregate of up to $30 million of the ADSs with the balance of approximately $25 million reserved for other investors mutually acceptable to both the Company and the lead investors. Pursuant to the revised non-binding term sheet there will be one closing, which is anticipated to occur on or before August 31, 2009. The pricing of the financing remains as previously announced at $1.00 per unit, with each unit consisting of one ADS and a warrant to purchase 0.50 of an ADS. The warrants will have a five year term and an exercise price of $1.50 per ADS. The Company also announced that it has agreed with the parties to the bridge loan agreement signed in May 2009 to extend its maturity date to August 31, 2009. The Company is also in negotiations to secure additional bridge financing. Amarin also announced today that it has executed an agreement for the disposal of its rights in a novel, nasal lorazepam formulation for emergency seizures (‘Nasal Lorazepam’) to Elan Drug Technologies for an upfront payment of $0.7 million. Amarin had previously announced in 2008 that following the repositioning of the Company to focus on cardiovascular disease, all of its central nervous system programs, including Nasal Lorazepam, would be partnered or divested. The proceeds from the sale of Nasal Lorazepam together with the additional bridge financing under negotiation is expected to provide the Company with sufficient funds to operate through August 31, 2009. The execution of the revised non-binding term sheet for the private placement of ADSs does not constitute a commitment on the part of the investors to invest in the Company. There can be no assurance that the private placement contemplated by this revised non-binding term sheet will close, or that the additional bridge financing under negotiation will be secured, in order to permit the continued funding of the Company’s operations. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities. There shall not be any sale of these securities in any jurisdiction in which such offering would be unlawful. About Amarin Amarin has a range of clinical and preclinical stage compounds to treat central nervous system (CNS) disorders, including Huntington’s disease, myasthenia gravis and Parkinson’s disease, all of which are available for partnering. Amarin is listed in the U.S. on the NASDAQ Capital Market (“AMRN”). For more information please visit www.amarincorp.com. BiomedReports is not paid or compensated to report news and developments about publicly traded companies. Full disclosure can be read in the About Us Section Add this page to your favorite Social Bookmarking websites            |
DUBLIN--Amarin Corporation plc (NASDAQ:AMRN) announced today that it has revised the terms of the previously announced non-binding term sheet relating to the private placement of American Depositary Shares (each representing one ordinary share) (“ADSs”) for up to $55 million.
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