AMRM Amarin Reports Third Quarter 2007 Financial Results

Amarin Reports Third Quarter 2007 Financial ResultsPR Newswire "US Press Releases "
LONDON, November 20 /PRNewswire-FirstCall/ -- Amarin Corporation plc (NASDAQ: AMRN) ("Amarin" or "Company") today reported financial results for the third quarter ended September 30, 2007 and an update on its development pipeline.
For the third quarter of 2007, Amarin reported a net loss of $5.9 million, or $0.06 per share, compared with a net loss of $6.6 million, or $0.08 per share, in the third quarter of 2006. The decrease for the third quarter from the comparative period of 2006 is primarily due to the completion of the Phase III trials with Miraxion earlier this year.
For the nine months ended September 30, 2007, Amarin reported a net loss of $30.3 million or $0.32 per share, compared with a net loss of $21.7 million or $0.27 per share for the nine months ended September 30, 2006. The increase in the loss for the nine months compared to the comparative period in 2006 is primarily due to the previously announced write off of the Miraxion intangible asset of $8.8 million in the second quarter of 2007. Figures for the comparative periods have been restated to International Financial Reporting Standards ("IFRS"). For further information with respect to the application of IFRS to our accounts, please refer to our IFRS transition document available on our website and furnished to the SEC on Form 6-K.
Rick Stewart, chief executive officer of Amarin, commented, "The third quarter was extremely productive with the primary focus on clinical development activities. We are now planning up to five Phase II clinical trials from our high value neuroscience and cardiovascular programs over the next twelve months, with two to start imminently. In addition, two key value drivers are the initiation of our cardiovascular strategy and the announcement yesterday of the FDA response to the comprehensive analysis of the longer term data from the Huntington's disease Phase III trials."
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