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Amarin Reports Fourth Quarter And Year-End 2012 Financial Results And Provides Update On Operations

Stocks in this article: AMRN

Vascepa has been approved for use by the FDA as an adjunct to diet to lower triglyceride levels in adult patients with severe (≥500 mg/dL) hypertriglyceridemia. Vascepa is under various stages of development for potential use in other indications that have not been approved by the FDA. Nothing in this press release should be construed as marketing the use of Vascepa in any indication that has not been approved by the FDA.

 
CONSOLIDATED BALANCE SHEET DATA
(U.S. GAAP)
Unaudited
  December 31,
  2012 2011
  (in thousands)
ASSETS    
Current Assets    
 Cash and cash equivalents  $ 260,242  $ 116,602
 Deferred tax asset 937 533
 Inventory  21,262 --
 Other current assets 3,253 1,837
 Total Current Assets  $ 285,694  $ 118,972
     
 Property, plant and equipment, net 811 432
 Deferred tax asset 8,044 4,734
 Other non-current assets 4,951 2,241
 Intangible asset, net 11,355 --
     
Total Assets  $ 310,855  $ 126,379
     
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)    
Current Liabilities:     
 Accounts payable  $ 17,458  $ 4,419
 Accrued interest payable 2,520 --
 Accrued expenses and other liabilities 5,224 4,033
 Total current liabilities  $ 25,202  $ 8,452
     
Long Term Liabilities    
 Warrant derivative liability 54,854 123,125
 Long term debt redemption feature 14,577 --
Exchangeable senior notes 134,250 --
 Long term debt 85,153 --
 Other long term liabilities 816 764
 Total liabilities  $ 314,852  $ 132,341
     
Stockholders' Deficit    
 Common stock 124,597 113,321
 Additional paid-in capital 619,266 449,393
 Treasury stock (217) (217)
 Accumulated deficit (747,643) (568,459)
 Total stockholders' deficit  $ (3,997)  $ (5,962)
     
Total Liabilities and Stockholders' Deficit  $ 310,855  $ 126,379
 
CONSOLIDATED STATEMENTS OF OPERATIONS DATA
(U.S. GAAP)
Unaudited
         
  Three Months Ended Dec 31 Twelve Months Ended Dec 31
  (in thousands, except share and per share amounts) (in thousands, except share and per share amounts)
  2012 2011 2012 2011
         
Revenues $ -- $ -- $ -- $ --
OPERATING EXPENSES:        
 Research and development(1) 19,221 5,951 58,956 21,602
 Marketing, general and administrative(1) 16,735 6,374 57,794 22,559
 Total operating expenses 35,956 12,325 116,750 44,161
Operating loss (35,956) (12,325) (116,750) (44,161)
Gain (loss) on change in fair value of derivative liabilities(2) 33,342 30,734 (35,344) (22,669)
 Interest income (expense), net (4,709) 133 (17,547) 230
 Other income (expense), net (17) (40) (427) (10)
Income (loss) from operations before taxes (7,340) 18,502 (170,068) (66,610)
Provision for income taxes (3,229) (164) (9,116) (2,516)
Net and comprehensive income (loss)  $ (10,569)  $ 18,338  $ (179,184)  $ (69,126)
Income (loss) per share:         
Basic   $ (0.07)  $ 0.14  $ (1.24)  $ (0.53)
Diluted $ (0.07) $ 0.12  $ (1.24)  $ (0.53)
         
Weighted average shares oustanding:        
Basic 150,184 135,797 144,017 130,247
Diluted 150,184 156,630 144,017 130,247
         
         
(1)  Amarin's costs include non-cash stock based compensation as well as warrant based compensation to former officers. Excluding non-cash stock and warrant based compensation, research and development expenses were $55,256 and $20,138 for 2012 and 2011, respectively, and marketing, general and administrative expenses were $43,172 and $14,825, respectively, for the same periods. 
(2)  Non-cash charges result from changes in the fair value of the warrant derivative liability. This liability is revalued at each reporting period and, upon exercise of warrants, is reclassified at fair value from liability to stockholders' equity. These warrants are valued using the Black-Scholes option pricing model, they are classified for accounting purposes as financial derivatives because, under certain circumstances, the exercise price of the warrants could increase. 

The following is a reconciliation of the non-GAAP financial measures used by Amarin to describe its financial results determined in accordance with United States generally accepted accounting principles (GAAP) An explanation of these measures is also included under the heading "Use of Non-GAAP Adjusted Financial Information" above.

 
RECONCILIATION OF NON-GAAP LIABILITIES
Unaudited
     
  December 31,
  2012 2011
  (in thousands)
Current Liabilities:     
 Accounts payable  $ 17,458  $ 4,419
 Accrued interest payable 2,520 --
 Accrued expenses and other liabilities 5,224 4,033
 Total current liabilities  $ 25,202  $ 8,452
     
Long-Term Liabilities    
 Warrant derivative liability 54,854 123,125
 Long term debt redemption feature  14,577 --
 Exchangeable senior notes 134,250 --
 Long-term debt 85,153 --
 Other long-term liabilities 816 764
 Total liabilities – GAAP  $ 314,852  $ 132,341
 Warrant derivative liability (54,854) (123,125)
 Total liabilities – non GAAP  $ 259,998  $ 9,216
 
RECONCILIATION OF NON-GAAP NET INCOME / (LOSS)
Unaudited 
         
  Three Months Ended Dec 31, Twelve Months Ended Dec 31,
  2012 2011 2012 2011
  (In thousands, except share and per share amounts)
Net income/(loss) for EPS 1 – GAAP   $ (10,569)  $ 18,338  $ (179,184)  $ (69,126)
 Share based compensation expense (4,731) (3,272) (18,075) (9,294)
 Warrant compensation income (expense) 2,790 1,100 (247) 96
 Gain/(loss) on change in fair value of derivatives 33,342 30,734 (35,344) (22,669)
Adjusted net loss for EPS 1 – non GAAP  $ (41,970)  $ (10,224)  $ (125,518)  $ (37,259)
1Basic and diluted         
Loss per share:        
 Basic and diluted – non GAAP   $ (0.28)  $ (0.08)  $ (0.87)  $ (0.29)
         
Weighted average shares oustanding:        
 Basic and diluted  150,184 135,797 144,017 130,247
CONTACT: Stephen Schultz or Joseph Bruno
         Senior Director, Investor Relations
         and Corporate Communications
         Amarin Corporation plc
         In U.S.: +1 (908) 719-1315
         investor.relations@amarincorp.com

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