Amarin Receives Nasdaq Notification Related to Minimum Bid Price
June 08 2007 - 7:01AM
PR Newswire (US)
LONDON, June 8 /PRNewswire-FirstCall/ -- Amarin Corporation plc
(NASDAQ: AMRN) ("Amarin" or the "Company") today announced that it
has received a Nasdaq staff deficiency letter indicating that the
Company is not in compliance with the minimum bid price requirement
for continued listing set forth under Nasdaq Marketplace Rule
4320(e)(2)(E) (ii). As previously disclosed, Amarin expected to
receive this letter which is customary practice when a Nasdaq
quoted company's closing share price has been less than $1 for 30
consecutive trading days. The closing price of Amarin's American
Depository Shares ("ADSs") has been less than $1 since April 24,
following the announcement of the top-line results of Miraxion's
two phase III trials in Huntington's disease. The Nasdaq letter has
no effect on the listing of Amarin's ADSs at this time, and its
ADSs will continue to trade on the Nasdaq Capital Market under the
symbol "AMRN". Amarin will be provided with 180 calendar days, or
until December 3, 2007, to regain compliance. If, at any time
before December 3, 2007, the bid price of Amarin's ADSs closes at
$1.00 per share or more for a minimum of 10 consecutive business
days, Nasdaq will provide written notification that Amarin complies
with the Rule. If compliance with the Rule cannot be demonstrated
by December 3, 2007, Amarin will be afforded an additional 180
calendar day compliance period if Nasdaq determines at that time
that the Company meets the remaining Nasdaq Capital Market initial
listing criteria in Rule 4320(e), except for the bid price
requirement. The Company currently meets all other initial listing
criteria in Rule 4320(e). Compliance can be achieved during this
additional compliance period by satisfying the applicable standard
for a minimum of 10 consecutive business days. If the Company is
not eligible for an additional compliance period, Nasdaq will
provide written notification that the Company's securities will be
delisted. At that time, the Company may appeal Nasdaq's
determination to delist its securities to a Listing Qualifications
Panel. Rick Stewart, Amarin's Chief Executive Officer, commented,
"We are resolutely committed to rebuilding shareholder value and
are already making good progress with our four key development
programs, three of which will potentially be in phase II trials
next year. We plan to expand these four programs by bringing
forward other development opportunities in our development pipeline
and also through accessing new programs through in-licensing and
acquisition." Mr. Stewart continued, "We have the resources and
infrastructure in place to capitalize on the value opportunity that
our pipeline offers. We recently strengthened our management team
with the hiring of Declan Doogan as President, R&D, formerly
Senior Vice President and Head of Worldwide Development at Pfizer
Global Research and Development and Paul Duffy as President, U.S.
Commercial Operations, formerly U.S. National Sales
Director-Neuroscience at Novartis. We also recently strengthened
our balance sheet substantially with the completion of a financing
with Southridge Capital together with a significant investment in
the company by Amarin's directors and officers." About Amarin
Amarin is committed to improving the lives of patients suffering
from diseases of the central nervous system. Our goal is to be a
leader in the research, development and commercialization of novel
drugs that address unmet patient needs. Amarin's core development
pipeline includes, in addition to Miraxion for several therapeutic
indications, four other key development programs in Parkinson's
disease, epilepsy seizures, memory and cognition and our
proprietary pre-clinical combinatorial lipid program. Amarin has
its primary stock market listing in the U.S. on the Nasdaq Capital
Market ("AMRN") and secondary listings in the U.K. and Ireland on
AIM ("AMRN") and IEX ("H2E"), respectively. For press releases and
other corporate information, visit the Amarin website at
http://www.amarincorp.com/. Information on our website does not
form part of this press release. Disclosure Notice: The information
contained in this document is as of June 8, 2007. Amarin assumes no
obligation to update any forward-looking statements contained in
this document as a result of new information or future events or
developments. This document contains forward-looking statements
about Amarin's financial condition, results of operations, business
prospects and products in research that involve substantial risks
and uncertainties. You can identify these statements by the fact
that they use words such as "will", "anticipate", "estimate",
"expect", "project", "forecast", "intend", "plan", "believe" and
other words and terms of similar meaning in connection with any
discussion of future operating or financial performance or events.
Among the factors that could cause actual results to differ
materially from those described or projected herein are the
following: risks relating to the Company's ability to maintain its
Nasdaq listing (including the risk that the Company may not able to
achieve compliance with the Nasdaq minimum bid price and/or other
continued listing criteria within the required timeframe or at all
and the risk that the Company may not be able to successfully
appeal a Nasdaq delisting determination); the success of Amarin's
research and development activities; decisions by regulatory
authorities regarding whether and when to approve Amarin's drug
applications, as well as their decisions regarding labeling and
other matters that could affect the commercial potential of
Amarin's products; the speed with which regulatory authorizations,
pricing approvals and product launches may be achieved; the success
with which developed products may be commercialized; competitive
developments affecting Amarin's products under development; the
effect of possible domestic and foreign legislation or regulatory
action affecting, among other things, pharmaceutical pricing and
reimbursement, including under Medicaid and Medicare in the United
States, and involuntary approval of prescription medicines for
over-the-counter use; Amarin's ability to protect its patents and
other intellectual property; claims and concerns that may arise
regarding the safety or efficacy of Amarin's product candidates;
governmental laws and regulations affecting Amarin's operations,
including those affecting taxation; Amarin's ability to maintain
sufficient cash and other liquid resources to meet its operating
requirements; general changes in International and U.S. generally
accepted accounting principles; growth in costs and expenses; and
the impact of acquisitions, divestitures and other unusual items. A
further list and description of these risks, uncertainties and
other matters can be found in Amarin's Form 20-F for the fiscal
year ended December 31, 2006, filed with the SEC on March 5 2007,
Amarin's statutory annual report for the year ended 31 December,
2006 furnished on a Form 6-K to the SEC on May 9, 2007 and in its
Reports of Foreign Issuer on Form 6-K furnished to the SEC.
DATASOURCE: Amarin Corporation Plc CONTACT: Contacts: Amarin,
+44-(0)207-907-2442, Rick Stewart, Chief Executive Officer, Alan
Cooke, President and Chief Financial Officer, , Investors:
Lippert/Heilshorn & Associates Inc., Anne Marie Fields,
+1-212-838-3777, Media: Powerscourt, +44-(0)207-250-1446, Rory
Godson, Victoria Brough
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