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Amarin Reports Second Quarter 2012 Financial Results And Provides Update On Operations

Anticipated presentations

As part of Amarin's program for communicating further details of its clinical results to the scientific community, Amarin expects to present ANCHOR data related to the diabetic subgroup at the European Society of Cardiology on August 26 th in Munich, Germany.

Financial update

Amarin reported cash and cash equivalents of $250.3 million at June 30, 2012, the end of its second quarter, representing an increase of approximately $4.5 million from the company's cash balance at the end of its first quarter primarily due to the exercise of warrants and stock options during the three months ended June 30, 2012. During the three months ended June 30, 2012, cash outflows were approximately $18.6 million. Included in these cash outflows were payments to clinical research organizations in connection with Amarin's Vascepa clinical trial activities as well as various costs associated with commercial readiness and expanded patent prosecution. Amarin's cash outflows during this period were partially offset by $20.8 million in net proceeds from the exercise of warrants and stock options.

Under U.S. Generally Accepted Accounting Principles (GAAP), Amarin reported a net loss for the three months ended June 30, 2012 of $53.9 million, or basic and diluted loss per share of $0.38, including $4.8 million in share-based compensation expense, $1.9 million in warrant compensation expense, and a $18.9 million loss on the change in the fair value of non-cash financial derivative. For the same period in 2011, GAAP net loss was $202.1 million, or basic and diluted loss per share of $1.58, including $1.8 million in share-based compensation expense, $5.0 million in warrant compensation expense, and $185.4 million loss on the change in the fair value of non-cash financial derivative.

Excluding non-cash losses for share-based, warrant-based compensation and change in value of derivative, non-GAAP adjusted net loss was $28.3 million for the second quarter of 2012 (basic and diluted loss per share of $0.20) compared to a non-GAAP adjusted net loss of $9.9 million (basic and diluted loss per share of $0.08) for the same period in the prior year.

Stock quotes in this article: AMRN 

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