Amarin raises $70m in placing

DUBLIN pharmaceutical company Amarin yesterday raised $70m (€47.58m) in a private placing.

Dublin-based venture capital company Fountain Healthcare was one of the lead investors in the placement which will enable Amarin to proceed with clinical trials of its drugs in development over the next three years.

Following the closing of the financing, chairman and chief executive officer of Amarin, Thomas Lynch, has decided he will step down as chief executive and will continue as chairman. Dr Declan Doogan, Amarin’s head of research and development, has agreed to assume the role of interim chief executive.

Mr Lynch, who has served as Amarin’s chairman since 2000 said: “I became CEO of Amarin two years ago in order to reposition the company to take advantage of the multi-billion dollar cardiovascular opportunity represented by AMR101 and to ensure that we had the financial underpinnings to bring this program to fruition. Over the past 12 months, we have significantly de-risked the Phase 3 program with two special protocol assessment agreements with the US Food and Drug Administration and now, with the announcement of today’s financing, the program is funded through NDA filing.”

Incoming director representing Fountain Dr Manus Rogan commented: “On behalf of the existing investors I would like to thank Thomas Lynch for his critical role in leading Amarin through a remarkable transition over the past two years, culminating in today’s financing.

“He and his team have attracted a group of top tier international investors in an oversubscribed offering during a very challenging time in the financial markets.”