Amarin Announces Closing of Underwriter’s Purchase of Additional Shares
March 05 2018 - 4:35PM
Amarin Corporation plc (NASDAQ:AMRN) today announced that, in
connection with its previously announced underwritten public
offering of American Depositary Shares ("ADSs"), it has issued
1,438,356 additional ADSs, pursuant to the exercise of the
underwriter’s option to purchase additional ADSs. The
underwriter has agreed to purchase ADSs from us at a price of $3.41
per ADS, which includes an underwriting fee. The exercise of the
option increases the size of the offering to an aggregate of
approximately $75.2 million in gross proceeds to the Company. The
purchase of the additional ADSs closed on March 5, 2018.
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.
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 final 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 (http://www.sec.gov). 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 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
Amarin (NASDAQ:AMRN)
Historical Stock Chart
From Mar 2024 to Apr 2024
Amarin (NASDAQ:AMRN)
Historical Stock Chart
From Apr 2023 to Apr 2024