Thomas Lynch is to step down as chief executive of Dublin-listed biopharmaceutical company Amarin when it completes a $70m (€47.2m) fund-raising.

Mr Lynch will remain as chairman of the company, while Amarin's current head of research and development Dr Declan Doogan will take over as interim chief executive.

The company announced an agreement with existing and new investors for a $70m private placement of shares.

Amarin, which is also listed on New York's Nasdaq market, said it would use the proceeds to advance its two third-phase clinical trials with its cardiovascular treatment AMR101.

The fund-raising round was led by existing investor Fountain Healthcare Partners, while the new group of investors was led by funds affiliated with Abingworth LLP. Dr Manus Rogan of Fountain and Abingworth's Dr Joseph Anderson will join Amarin's board. Amarin said it would appoint two more independent directors when the fund-raising was completed. Dr John Climax, Dr William Mason and Anthony Russell-Roberts are to retire from the board.