ARTICLE | Financial News

Amarin to raise $60 million

May 15, 2008 12:31 AM UTC

Amarin (NASDAQ:AMRN; LSE:AMRN) plans to raise $60 million in a tranched private placement of ADSs. In the first tranche, the company plans to raise $28 million through the sale of 12.2 million shares at $2.30 per share, which would be a 13% discount to Amarin's close at $2.63 on Tuesday, before the deal was announced. The investors will have an option to provide up to an additional $28 million in a second tranche. The company also plans to raise an additional $4 million through an investment by company directors. Each ADS is equal to one ordinary share.

Amarin said the new investors include Sofinnova Ventures; OrbiMed Advisors; Thomas, McNerney; Panorama Capital; Longitude Capital; and Fountain Healthcare Partners. The investors will hold about 45% of Amarin's ordinary shares upon closing of the first tranche. Cowen is serving as placement agent. ...