Pharmaceuticals
Amarin to raise $60m from investors
Wednesday, 14 May 2008 13:30Pharmaceutical company Amarin plans to raise up to $60m (€39m) through a placing of its US shares.
$56m will be raised through new institutional investors, while some of the company's directors may also take up shares worth $4m.
'This financing strengthens our balance sheet considerably, and allows us to accelerate our key clinical development programmes,' said CEO Tom Lynch.
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Some of the money raised will be used to develop its cardiovascular research.
After the share issue, the new investors will hold 45% of the company and some will be entitled to representation on the board.
Amarin is listed on the Nasdaq market in New York and on Dublin's IEX market.
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