Amarin Announces Proposed Public Offering of American Depositary Shares
November 26 2018 - 4:23PM
Amarin Corporation plc (NASDAQ: AMRN) today announced a registered
underwritten public offering of its American Depositary Shares
(“ADSs”). All of the shares in the proposed offering are to
be sold by Amarin. The offering is subject to market
conditions, and there can be no assurance as to whether or when the
offering may be completed, or the actual size or terms of the
offering. On November 23, 2018, the last sale price of the ADSs on
the Nasdaq Global Market was $19.20 per share.
Jefferies and Cantor Fitzgerald & Co. are acting as the
joint book-running managers for the offering. Amarin intends to
grant the underwriters a 30-day option to purchase additional
shares of its common stock in an amount up to 15% of the shares
sold in the offering, on the same terms and conditions.
Amarin intends to use the net proceeds from the offering (1) to
support the ongoing commercialization of Vascepa following
REDUCE-IT results, including (i) seeking regulatory approval to
expand the approved label for Vascepa based on the cardioprotective
effect of Vascepa demonstrated in the REDUCE-IT study, beginning
with submission of an sNDA to the FDA in early 2019, (ii) expansion
of our sales force, and (iii) support of expanded commercial
operations; (2) to increase commercial supply of Vascepa from
third-party drug product suppliers; and (3) for general corporate
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 will be filed with the SEC and will be available on the
SEC’s website at www.sec.gov. Copies of the preliminary prospectus
supplement relating to these securities may be obtained from
Jefferies LLC, 520 Madison Avenue, 2nd Floor, New York, NY 10022,
Attention: Equity Syndicate Prospectus Department, or by telephone
at (877) 821-7388, or by email at
Prospectus_Department@Jefferies.com or from 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
by 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 unique, highly-pure and
stable 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 proposed 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
underwriters’ 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. 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: Jennifer
Corrigan Burson Cohn & Wolfe In U.S.: +1 (212)
798-9538 Jennifer.Corrigan@cohnwolfe.com
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