By Devika Patel
Knoxville, Tenn., July 8 - Amarin Corp. plc said it plans a $55 million private placement of American Depositary Shares.
The lead investors in the financing are funds affiliated with Longitude Capital, Sofinnova Ventures, Orbimed Advisors and Fountain Healthcare Partners.
The company will sell 55 million units of one American Depositary Share and a half-share warrant at $1.00 per unit. The whole warrants, which are exercisable into American Depositary Shares, will be exercisable at $1.50 for five years.
Settlement of the first $35 million tranche is expected on July 24.
Proceeds will be used to fund operations.
Amarin is a clinical-stage biopharmaceutical company with corporate headquarters in Dublin and research and development headquarters in Mystic, Conn.
| Issuer: | Amarin Corp. plc
|
| Issue: | Units of one American Depositary Share and a half-share warrant
|
| Amount: | $55 million
|
| Units: | 55 million
|
| Price: | $1.00
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $1.50
|
| Investors: | Longitude Capital, Sofinnova Ventures, Orbimed Advisors and Fountain Healthcare Partners
|
| Pricing date: | July 8
|
| Settlement date: | July 24 (for $35 million)
|
| Stock symbol: | Nasdaq: AMRN
|
| Stock price: | $1.23 at close July 7
|
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