Amarin has funding in place for trials of two key drugs
AMARIN, an Irish biopharmaceutical company with a focus on heart disease, said it has enough cash to finance the clinical trials of the drug it hopes to sell in the future.
The Nasdaq-listed company is trying to develop a drug called AMR101, which is based on a single omega-3 molecule (a so-called fatty acid) isolated and purified from fish oil.
The company spent about $6.8m (€4.5m) in the second quarter as it seeks to test the drugs which help people with very high triglyceride levels, a risk factor in heart disease. The company's cash pile is now $37m.
The results of the trials are due earlier than previously expected, the company said yesterday.
Progress in clinical trials has a huge effect on companies such as Amarin which saw its share price plunge 80pc in one day in April 2007 when its drug to treat Huntington's disease failed to improve symptoms caused by the gene disorder in two late-stage studies.
Shares rose about 1.4pc to $2.44 during trading in New York yesterday, extending gains so far this year to 71pc.
Amarin was previously listed on AIM in London and IEX in Dublin but cancelled the listing in January 2008.
"We are excited to be within approximately six months of being able to review and report the results of the Marine study. The progress that we have made in both pivotal trials is very encouraging. Being positioned to report results in 2011 for these trials is earlier than we initially expected," said interim chief executive Declan Doogan.
Mr Doogan said in a conference call that the company had completed recruitment for one of its two late-stage drug trials and is more than half-way toward filling out the roster in its other study.