Amarin to raise $60m from investors

Wednesday 14 May 2008 13.30
Amarin to raise $60m from investors

Pharmaceutical 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.

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.