Amarin lines up $100 million hybrid debt financing with Pharmakon fund

By Susanna Moon

Chicago, Dec. 6 - Amarin Corp. plc announced a $100 million non-equity financing with an investment fund managed by Pharmakon Advisors.

Payments by Amarin under this hybrid debt-like instrument will be made over a 3.5-year period beginning in November 2013 and continuing through early 2017, according to a company press release.

Amarin is continuing its preparations to commercialize Vascepa (icosapent ethyl) capsules with the hiring of a sales force in the United States, the release noted.

"This transaction provides Amarin with non-dilutive capital that will ensure our ability to fully execute on the Vascepa product launch while continuing our strategic partnership discussions," Joseph Zakrzewski, chairman and chief executive officer of Amarin, said in the release.

"This innovative transaction allows maximum flexibility for Amarin."

Dublin-based Amarin develops drugs to treat central nervous system disorders.

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