Amarin Prices Public Offering of American Depositary Shares
January 30 2018 - 8:58AM
Amarin Corporation plc (NASDAQ:AMRN) today announced the pricing of
the underwritten public offering of its American Depositary Shares
("ADSs") for gross proceeds of approximately $70.0 million, before
deducting the underwriting discounts and commissions and other
estimated offering expenses payable by Amarin. The offering is
expected to close on or about February 1, 2018, subject to
customary closing conditions. In addition, Amarin has granted the
underwriter a 30-day option to purchase approximately $10.5 million
of additional ADSs.
Cantor Fitzgerald & Co. is the sole
book-running manager for the offering. The underwriter may offer
the ADSs from time to time for sale in one or more transactions on
The NASDAQ Global Market, in the over-the-counter market, through
negotiated transactions or otherwise at market prices prevailing at
the time of sale, at prices related to prevailing market prices or
at negotiated prices. On January 29, 2018, the last sale price of
the ADSs on The NASDAQ Global Market was $4.01 per share.
The gross proceeds from the offering are
expected to be approximately $70.0 million before deducting
customary underwriting discounts and commissions and offering
expenses. Amarin intends to use the net proceeds from the offering
to expand medical education and market awareness initiatives,
including, in advance of REDUCE-IT results being known, pilot
testing of new promotional initiatives for potential broader
application following REDUCE-IT results, to increase its inventory
balances for incremental inventory build prior to REDUCE-IT results
and for general corporate and working capital purposes.
The securities described above are being offered
by Amarin pursuant to a shelf registration statement on Form S-3ASR
(No. 333-216385) previously filed with the Securities and Exchange
Commission (the "SEC") on March 1, 2017 and automatically became
effective upon filing. The securities may be offered only by means
of a written prospectus, including a prospectus supplement, forming
a part of the effective registration statement. A preliminary
prospectus supplement and accompanying prospectus relating to the
offering have been filed with the SEC and are available on the
SEC’s website at www.sec.gov. A final prospectus supplement and
accompanying prospectus will be filed with the SEC. When available,
copies of the final prospectus supplement and the accompanying
prospectus may also be obtained by contacting Cantor Fitzgerald
& Co., Attention: Capital Markets, 499 Park Ave., 6th Floor,
New York, New York 10022, or by email at prospectus@cantor.com.
This news release shall not constitute an offer
to sell or the solicitation of an offer to buy these securities,
nor shall there be any sale of these securities in any state or
other jurisdiction in which such offer, solicitation or sale would
be unlawful prior to the registration or qualification under the
securities laws of any such state or other jurisdiction.
About Amarin
Amarin Corporation plc is a biopharmaceutical
company focused on the commercialization and development of
therapeutics to improve cardiovascular health. Vascepa®
(icosapent ethyl) capsules, Amarin's first FDA approved product,
are a highly-pure, omega-3 fatty acid product available by
prescription.
Disclosure Notice
This press release contains forward-looking
statements, within the meaning of the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Statements that
are not historical facts, including statements related to Amarin's
public offering of American Depositary Shares, are forward-looking
statements that involve risks and uncertainties. Words such as
"intends," "plans," "expects," "may," "will" and similar
expressions are intended to identify forward-looking statements.
These forward-looking statements are not promises or guarantees.
These forward-looking statements are based upon Amarin's current
expectations. Actual events and results and the timing of events
and results could differ materially from those anticipated in such
forward-looking statements. Among the factors that could
cause actual results to differ materially from those described or
projected herein are the following: risks related to the
underwriter’s consummation of their obligation to purchase the
securities, whether Amarin will be able to satisfy its obligations
to close the offering and the risk that Amarin will not use the
proceeds from the offering in the manner contemplated, as well as
the risks, uncertainties and other matters detailed in Amarin's
filings with the U.S. Securities and Exchange Commission, including
its most recent Annual Report on Form 10-K, its most recent
Quarterly Report on Form 10-Q and the preliminary prospectus
supplement relating to the offering and filed on January 29, 2018.
Existing and prospective investors are cautioned not to place undue
reliance on these forward-looking statements, which speak only as
of the date they were made. Amarin undertakes no obligation to
update or revise the information contained in this press release,
whether as a result of new information, future events or
circumstances or otherwise, except as required by law.
Amarin contact information:
Investor Relations:
Elisabeth Schwartz Investor Relations and Corporate
Communications Amarin Corporation plc In U.S.: +1 (908)
719-1315 investor.relations@amarincorp.com Lee M. Stern Trout
Group In U.S.: +1 (646) 378-2992
lstern@troutgroup.com Media Inquiries: Kristie Kuhl Finn
Partners In U.S.: +1 (212) 583-2791
Kristie.kuhl@finnpartners.com
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