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Amarin Reports Fourth Quarter And Year-End 2013 Financial Results And Provides Update On Operations

Stocks in this article: AMRN

BEDMINSTER, N.J. and DUBLIN, Ireland, Feb. 27, 2014 (GLOBE NEWSWIRE) -- Amarin Corporation plc (Nasdaq:AMRN), a late stage biopharmaceutical company focused on the commercialization and development of therapeutics to improve cardiovascular health, today announced financial results for the quarter and year ended December 31, 2013, and provided an update on company operations.

Key Amarin milestones since September 30, 2013 include:

  • Recognized $26.4 million in product revenue from Vascepa ® sales in 2013, the first year of Vascepa sales, including revenue growth to $10.1 million in Q4 despite an October reduction in sales force size
  • Normalized prescriptions (estimated) for the year ending December 31, 2013, based upon data from Symphony Health Solutions and IMS Health, totaled approximately 225,000 and 195,000, respectively
  • Improved formulary access by increasing number of lives covered with Tier 2 status to over 100 million, with over 200 million lives covered on formulary overall
  • Increased the number of physicians prescribing Vascepa to over 16,000
  • Surpassed 6,500 patients enrolled in the REDUCE-IT cardiovascular outcomes trial
  • Increased patents issued or allowed in the United States to 40, all but two of the 40 have patent terms extending into 2030, with more than 30 additional patent applications being prosecuted in the United States alone
  • Reduced worldwide staffing by half in October to reduce costs and better match the operational size of Amarin for commercialization of the current indication for Vascepa following a negative recommendation from an FDA advisory committee related to the pending ANCHOR sNDA
  • Began appeal process following the decision of the Division of Metabolism and Endocrinology Products (DMEP) within the U.S. Food and Drug Administration (FDA) to rescind the Special Protocol Assessment (SPA) agreement for the ANCHOR study

"Just over one year ago, the culmination of many years of hard work came to fruition as Vascepa was first made available to physicians and patients in the United States," said John F. Thero, President and Chief Executive Officer of Amarin. "2013 was a year of significant achievement for Amarin as a commercial organization was established and Vascepa helped to improve patient care options in the treatment of severe hypertriglyceridemia. As we embark on our second year as a commercial organization we stand by our commitment to work toward label expansion for Vascepa to improve treatment options for patients with mixed dyslipidemia."

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