Amarin placing aims to raise $55m

Tuesday 07 July 2009 18.20
Amarin placing aims to raise $55m

Dublin-listed biopharmaceutical company Amarin has announced plans to raise up to $55m through a placing of new shares.

The lead investors in the financing are funds affiliated with Longitude Capital, Sofinnova Ventures, Orbimed Advisors and Fountain Healthcare Partners. These are all existing investors, and participated in the company's fund-raising round last year.

These - along with a number of other potential investors - will buy around $35m in the first stage of the process. The remaining $20m will be reserved for 'other investors acceptable to both the company and the lead investors', Amarin said.

Amarin's focus is on treatments for cardiovascular disease. CEO and chairman Thomas Lynch said the new funding was 'a major advance' for Amarin. He said it would achieve its aim of fully funding its phase three cardiovascular programme.