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Photo Release -- Amarin Reports First Quarter 2013 Financial Results And Provides Update On Operations

The photo is also available at Newscom, www.newscom.com, and via AP PhotoExpress.

     
     
CONSOLIDATED BALANCE SHEET DATA
(U.S. GAAP)
Unaudited
     
  March 31, 2013 December 31, 2012
  (in thousands)
ASSETS    
Current Assets:    
Cash and cash equivalents  $ 201,780  $ 260,242
Restricted cash 1,400 -----
Accounts receivable 3,441 -----
Inventory  27,435 21,262
Deferred tax asset 937 937
Other current assets 7,051 3,253
Total Current Assets  $ 242,044  $ 285,694
     
Property, plant and equipment, net 766 811
Deferred tax asset 11,993 8,044
Other non-current assets 5,335 4,951
Intangible asset, net 11,193 11,355
     
Total Assets  $ 271,331  $ 310,855
     
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)    
Current Liabilities:     
Accounts payable  $ 22,945  $ 17,458
Accrued interest payable 4,646 2,520
Deferred revenue 2,865 -----
Accrued expenses and other liabilities 11,935 5,224
Total current liabilities  $ 42,391  $ 25,202
     
Long Term Liabilities:    
Warrant derivative liability 49,011 54,854
Exchangeable senior notes 137,735 134,250
Long term debt 85,873 85,153
Long term debt redemption feature 15,600 14,577
Other long term liabilities 807 816
Total liabilities  $ 331,417  $ 314,852
     
Stockholders' Deficit:    
Common stock 124,846 124,597
Additional paid-in capital 625,086 619,266
Treasury stock (217) (217)
Accumulated deficit (809,801) (747,643)
Total stockholders' deficit  $ (60,086)  $ (3,997)
     
Total Liabilities and Stockholders' Deficit  $ 271,331  $ 310,855
     
     
CONSOLIDATED STATEMENTS OF OPERATIONS DATA
(U.S. GAAP)
Unaudited
     
  Three Months Ended March 31
  (in thousands, except share and per share amounts)
  2013 2012
     
Product Revenues  $ 2,341 $ -----
     
Operating Expenses:    
 Cost of goods sold 1,287 -----
 Marketing, general and administrative(1) 39,267 14,027
 Research and development(1) 21,838 4,756
 Total operating expenses 62,392 18,783
     
Operating loss (60,051) (18,783)
Gain (loss) on change in fair value of derivative liabilities(2) 3,620 (66,209)
 Interest expense, net (8,860) (3,951)
 Other (expense) income, net (124) 68
Loss from operations before taxes (65,415) (88,875)
Benefit for income taxes 3,257 590
Net and comprehensive loss  $ (62,158)  $ (88,285)
Loss per share:     
Basic and diluted  $ (0.41)  $ (0.65)
Weighted average shares outstanding:    
Basic and diluted 150,430 136,011
     
(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, for 2013 and 2012 marketing, general and administrative expenses were $35,658 and $8,571 for 2013 and 2012, respectively, and research and development expenses were $21,024 and $3,964 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
     
     
  March 31, 2013 December 31, 2012
  (in thousands)
Current Liabilities:     
 Accounts payable  $ 22,945  $ 17,458
 Accrued interest payable 4,646 2,520
 Deferred revenue 2,865 -----
 Accrued expenses and other liabilities 11,935 5,224
 Total current liabilities  $ 42,391  $ 25,202
     
Long-Term Liabilities:    
 Warrant derivative liability 49,011 54,854
 Exchangeable senior notes 137,735 134,250
 Long-term debt 85,873 85,153
 Long term debt redemption feature  15,600 14,577
 Other long-term liabilities 807 816
 Total liabilities – GAAP  $ 331,417  $ 314,852
 Warrant derivative liability (49,011) (54,854)
 Total liabilities – non GAAP  $ 282,406  $ 259,998
     
     
RECONCILIATION OF NON-GAAP NET LOSS
Unaudited
     
  Three Months Ended March 31,
  2013 2012
     
Net loss for EPS 1 – GAAP   $ (62,158)  $ (88,285)
 Share based compensation expense (4,874) (3,874)
 Warrant compensation income (expense) 451 (2,374)
 Gain/(loss) on change in fair value of derivatives 3,620 (66,209)
Adjusted net loss for EPS 1 – non GAAP  $ (61,355)  $ (15,828)
1Basic and diluted     
Loss per share:    
 Basic and diluted – non GAAP   $ (0.41)  $ (0.12)
     
Weighted average shares outstanding:    
 Basic and diluted  150,430 136,011
CONTACT: Amarin Contact Information:
         Joseph Bruno
         Director, Investor Relations and Corporate Communications
         Amarin Corporation plc
         In U.S.: +1 (908) 719-1315
         investor.relations@amarincorp.com

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