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Amarin Reports Second Quarter 2013 Financial Results And Provides Update On Operations

For the six months ended June 30, 2013, Amarin reported a net loss of $101.9 million, or basic and diluted loss per share of $0.68. This net loss included $10.0 million in non-cash share-based compensation expense, $1.5 million in non-cash warrant compensation income, and a $22.5 million gain on the change in the fair value of derivatives. For the six months ended June 30, 2012, GAAP net loss was $142.2 million, or basic and diluted loss per share of $1.03, and included $8.7 million in non-cash share-based compensation expense, $4.2 million in non-cash warrant compensation expense, and a $85.1 million loss on the change in the fair value of derivatives.

Excluding non-cash gains or losses for share-based compensation, warrant compensation and change in value of derivatives, non-GAAP adjusted net loss was $54.5 million for the three months ended June 30, 2013, or non-GAAP adjusted basic and diluted loss per share of $0.36, as compared to non-GAAP adjusted net loss of $28.3 million, or non-GAAP adjusted basic and diluted loss per share of $0.20 for the same period in 2012. Adjusted net loss was $115.9 million for the six months ended June 30, 2013, or non-GAAP adjusted basic and diluted loss per share of $0.77, as compared to non-GAAP adjusted net loss of $44.1 million, or non-GAAP adjusted basic and diluted loss per share of $0.32 for the same period in 2012.

Amarin reported cash and cash equivalents decreased in aggregate by $110.8 million from December 31, 2012 as compared to June 30, 2013.  Net cash outflows from operations were $52.8 million in the second quarter of 2013 as compared to $59.6 million in the first quarter of 2013. As stated previously, Amarin anticipates its first quarter net cash outflows from operations to be its highest quarter of net cash outflows from operations during 2013. Amarin anticipates that it will experience continued reductions in quarterly net cash outflows from operations with future quarterly results below the results of the second quarter.

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