SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUERS PURSUANT TO RULE
13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT
OF 1934
Dated: May 14, 2002
Commission file number 0-21392
AMARIN CORPORATION PLC
(Exact name of Registrant as Specified in its Charter)
ENGLAND
(Jurisdiction of Incorporation or organization of Issuer)
7 Curzon Street
London W1J 5HG, England
(Address of Principal Executive Offices)
Indicate by check mark whether the registrant files or
will file annual reports under cover of Form 20-F or Form 40-
F.
[X] Form 20-F [ ] Form 40-F
Indicate by check mark whether the registrant by
furnishing the information contained in this Form is also
thereby furnishing the information to the Commission pursuant
to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
[ ] Yes [X] No
Enclosures:
Material Events
(a) Amarin Corporation plc announces Fiscal 2002
First Quarter results.
This report on Form 6-K is hereby incorporated by
reference in the registration statement on Form F-3 (Registration
Statement No. 333-12642) of Amarin Corporation plc and in the
prospectus contained therein, and in the Registration Statement on
Form F-3 (Registration No. 333-13200) of Amarin Corporation plc
and in the prospectus contained therein, and this report on Form
6-K shall be deemed a part of each such registration statement
from the date on which this report is filed, to the extent not
superseded by documents or reports subsequently filed.
Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly
authorized.
AMARIN CORPORATION PLC
By:/s/Richard A B Stewart
Richard A B Stewart
Chief Executive Officer
Date: May 14, 2002
Index to Exhibits
Exhibit Item Sequentially Numbered Page
(a) Material Event description- 5
Amarin Corporation plc
announces Fiscal 2002
First Quarter results.
Exhibit (a)
Contact:
Nigel Bell
Chief Financial Officer
Amarin Corporation plc
Phone: +44 (0) 20 7907 2444
Email: nigel.bell@amarincorp.com
AMARIN CORPORATION REPORTS FIRST-QUARTER SALES AND
EARNINGS
Revenues Advanced 165 Percent to $17.6 Million
---
Net Income Grew 34 Percent to $1.6 Million,
Diluted Earnings per ADS Increased 27 Percent to $0.14
---
First Quarter Impacted By Amortisation Expense ($0.09 per ADS)
LONDON, United Kingdom, May 14, 2002 -- Amarin Corporation
plc (NASDAQ: AMRN) today reported that total revenues grew 165
percent to $17.6 million for the first quarter ended March 31, 2002.
For the quarter, net income rose 34 percent to $1.6 million and diluted
earnings per American depository share (ADS) increased 27 percent
to $0.14. This is compared with revenues of $6.6 million, net income
of $1.2 million and diluted earnings per ADS of $0.11 for the same
period a year ago.
Diluted earnings per ADS were impacted by increased amortisation
expense of $1.1 million, or $0.09 per ADS, associated with the
recently announced acquisition of the remaining rights to Permaxr.
As a result of exercising the Permaxr option, there will be no further
exceptional amortisation charges related to the original twelve month
distribution agreement. Amarin initially gained exclusive U.S.
marketing, sales and distribution rights to Permaxr in May 2001.
"Our recent strategic actions have secured our neurology franchise,
simplified our financial reporting and set the stage for clear
expectations going forward," said Rick Stewart, chief executive
officer. "In the first quarter, Amarin achieved strong growth in sales
and cash flow. Our growth was driven by the continued success of
Permaxr."
In the first quarter, Permaxr achieved sales of $11.8 million. The
corresponding increase in direct cost of sales reflects the cost of goods
associated with the Permaxr revenues. Permaxr (pergolide
mesylate tablets) is a dopamine receptor agonist indicated as
adjunctive therapy in the management of Parkinson's disease.
"We are very encouraged by evidence of growth in new prescriptions
for Permaxr among high-prescribing physicians," Mr. Stewart said.
"Acquiring the remaining rights to Permaxr now permits Amarin to
better manage the product's life cycle."
For the quarter, increased selling, general and administrative expense
resulted primarily from the expansion of Amarin's sales and marketing
infrastructure in the U.S. and the launch of the Company's U.S. neurology
sales force. The increase in research and development expense reflected, in
part, new development projects undertaken in Sweden by Amarin
Development AB.
"Through the acquisition of Permaxr and the creation of a specialty sales
force, we have established a solid foundation upon which to build our
neurology franchise," Mr. Stewart said. "The potential approval and launch
of ZelaparT will expand our presence in this important therapeutic category
and permit us to better leverage our new sales and marketing infrastructure."
ZelaparT (Zydisr selegiline tablets), an MAO-B inhibitor, is a potential
treatment for Parkinson's disease. A New Drug Application for ZelaparT is
expected to be filed with the U.S. Food and Drug Administration in the first
half of 2002.
In other recent developments, Amarin Corporation:
? exercised its purchase option to acquire the remaining rights from Elan
Pharmaceuticals, Inc. to be the exclusive licensee for Permaxr in the U.S.;
? announced the conversion of 2,129,819 shares of its convertible preference
stock into 21,298,190 shares of Amarin ordinary stock (equivalent to
2,129,819 American depository shares) by Elan International Services, Ltd.,
a subsidiary of Elan Corporation plc.;
? established a strategic technology partnership with NanoCarrier Company,
Ltd., Chiba, Japan, to develop novel controlled release technologies for use
in pharmaceutical products; and
? strengthened senior management by recruiting and appointing Jonathan S.
Lamb as general counsel and company secretary.
Amarin Corporation plc is a specialty pharmaceutical company focused on
neurology and pain management. The company plans to become a leader in
these therapeutic categories by providing innovative products and solutions
that address significant unmet medical needs. For press release and other
Company information, visit our website at http://www.amarincorp.com.
Amarin Development AB, based in Malmo, Sweden, is a wholly owned
subsidiary of Amarin Corporation. It is dedicated to the research and
development of advanced controlled release and site-specific technology
solutions to create improved outcome formulations of both new and existing
drugs.
Statements in this press release that are not historical facts are forward-
looking statements that involve risks and uncertainties which may cause the
Company's actual results in future periods to be materially different from
any performance suggested herein. Such risks and uncertainties include,
without limitation, risks associated with the inherent uncertainty of
pharmaceutical research, product development and commercialisation, the
impact of competitive products and patents, as well as other risks and
uncertainties detailed from time to time in periodic reports. For more
information, please refer to Amarin Corporation's Annual Report for 2001
on Form 20-F and its Form 6-Ks as filed with the U.S. Securities and
Exchange Commission. The company assumes no obligation to update
information on its expectations.
Amarin Corporation plc
Period Ended 31 March 2002 Selected Data (UK GAAP - UNAUDITED)
INCOME STATEMENT Three months ended
31 March
2001 2002
$'000 $'000
REVENUE
Licensing & Development Fees 257 1,079
Royalties & Product Sales 5,249 16,528
Revenues from discontinued business 1,136 -
Total Revenues 6,642 17,607
OPERATING EXPENSES
Direct Costs 1,706 6,385
Research & Development 807 1,330
Selling, General & Administrative 1,679 6,095
Operating expenses from
discontinued business 928 5
Amortisation of intangible fixed assets 562 1,670
Total Expenses 5,682 15,485
OPERATING INCOME from continuing business 752 2,127
OPERATING INCOME/(LOSS) from discontinued business 208 (5)
Interest & Investment income received/(paid)(net) 295 (379)
Foreign exchange (loss) - (147)
INCOME BEFORE TAXES 1,255 1,596
Income Taxes paid/(recovered) 1 (63)
Dividends payable 45 43
NET INCOME FOR PERIOD 1,209 1,616
EARNINGS BEFORE INTEREST, TAX, __________________
DEPRECIATION and AMORTISATION 1,601 3,776
WEIGHTED AVERAGE
NUMBER OF DILUTED SHARES -Thousands 109,540 118,149
INCOME PER AMERICAN DEPOSITORY SHARE (ADS)
From continuing business 0.09 0.14
From discontinued business 0.02
From net income 0.11 0.14
(The company's ratio of ADS's to ordinary shares is 1:10)
SELECTED BALANCE SHEET DATA $'000
Working capital (inc short term debt) (23,224)
Cash 16,562
Accounts receivable 15,266
Total assets 128,775
Long-term obligations: (30,076)
Stockholders' equity 31,343
All figures are in round thousands except 'Income/(loss) per ADS
2