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: July 24, 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
Attachment:
Material Events
(a) Amarin Corporation plc Reports Second 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report is filed, to the extent not superseded by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: July 24, 2002
Index to
Exhibits
Exhibit Item Sequentially Numbered Page
(a) Material Event description- 4
Amarin Corporation plc Reports Second
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 SECOND QUARTER RESULTS
Revenues Increased 8% to $19.1 million
Net income (excluding foreign exchange gain) of $2.4 million and
EBITDA (excluding foreign exchange gain) of $3.4 million
Diluted earnings per ADS (excluding foreign exchange gain) of $0.20
LONDON, United Kingdom, July 24, 2002 -- Amarin Corporation plc
(NASDAQ: AMRN) today reported total revenue for the second quarter
of 2002 of $19.1 million compared with revenue of $17.7 million
for the same quarter a year ago, an increase of 8%. For the
quarter, net income (including a foreign exchange gain of $3.7
million) was $6.1 million versus $6.8 million in last year's second
quarter.
Diluted earnings per American Depository Share (ADS), including a
foreign exchange gain which contributed $0.31 in the period, were
$0.51 as compared to $0.62 for the second quarter ended June 30,
2001. The foreign exchange gain arises on the translation of the
Group's assets and liabilities from Pounds Sterling to U.S. dollars
at the end of the quarter. Excluding the foreign exchange gain,
net earnings per ADS for the quarter were $0.20.
The reduction in net income and diluted earnings compared to the
same quarter last year is due to significant incremental costs
associated with building the Company's neurology sales and
marketing infrastructure in the U.S. and incremental amortisation
expense resulting from the exercise of the Permax purchase option.
Following the exercise of the Permax option in the first quarter
amounts capitalised in fiscal 2001in relation to Permax are being
amortised over 15 years.
Rick Stewart, chief executive officer of Amarin Corporation, stated
"We are pleased with our revenue growth and strong cash flow in the
quarter particularly as we have increased costs associated with the
implementation of sales and marketing initiatives required to
strengthen our franchise in neurology and pain management. The
short-term costs associated with sales and marketing infrastructure
build are a pre-requisite to our efforts to successfully achieve a
leadership position in these markets. Permax sales were strong due
to the highly focused and targeted efforts of our sales force,
generating revenues of $14.4 million in the quarter. Diluted EPS of
$0.20 were two cents above analyst expectations"
"Following the exercise of the Permax purchase option in quarter
one, Amarin now interfaces directly with Eli Lilly as the licensor
for Permax in the U.S. Additionally, the NDA for Zelapar, an MAO-
B Inhibitor, was filed with the FDA during the quarter." continued
Mr. Stewart.
Permax (pergolide mesylate tablets) is a dopamine receptor agonist
indicated as adjunctive therapy in the management of Parkinson's
disease.
For the quarter, increased selling, general and administrative
expense resulted primarily from the development and expansion of
Amarin's sales and marketing infrastructure in the U.S. following
the launch of the Company's U.S. specialty neurology sales force.
The increase in research and development expense reflects, in part,
new product development activities undertaken in Sweden by Amarin
Development AB.
At the end of the second quarter, Amarin had total assets of $139.4
million, cash of $18.9 million and receivables of $25.5 million.
For the six months ended June 30, 2002 total revenues increased by
51% to $36.7 million compared to $24.3 million during the same
period last year. For the first six months of 2002, Amarin achieved
net income of $7.7 million and earnings per share of $0.65 in
comparison to net income of $7.9 million and earnings per share of
$0.73 for the same half in 2001.
EBITDA (excluding foreign exchange gain) for the quarter was $3.4
million compared to $7.5 million for the same quarter last year and
$8.2 million for the first six months of 2002 compared to $9.1
million for the first six months of 2001.
In other recent developments, Amarin Corporation:
Exercised and closed its purchase option to acquire the
remaining rights to Permax and became the exclusive licensee
for Permax in the U.S. from the first quarter;
Received acceptance for filing and substantive review of a New
Drug Application for Zelapar (selegiline HCl orally dissolving
tablets) by the U.S. Food and Drug Administration (FDA) from
Elan Pharmaceuticals, Inc., its optionor;
Entered into an agreement with Eiffel Research and Development
Pty Ltd to establish a strategic research partnership via
Amarin Development AB;
Restructured the $45 million loan from Elan Pharmaceuticals,
Inc. originally scheduled for repayment in full on September
30, 2002.
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.
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 30 June 2002 Selected Data (UK GAAP - UNAUDITED)
INCOME STATEMENT Three months ended Six months ended
30 June 30 June
2001 2002 2001 2002
$'000 $'000 $'000 $'000
REVENUE
Licensing & Development Fees 871 565 1,128 1,644
Royalties & Product Sales 15,929 18,572 21,490 35,100
Revenues from discontinued business 892 - 1,716 - .
Total Revenues 17,692 19,137 24,334 36,744
OPERATING EXPENSES
Direct Costs 6,541 7,917 8,360 14,302
Research & Development 964 1,529 1,902 2,859
Selling, General & Administrative 2,002 5,593 3,906 11,688
Operating expenses from discontinued business 785 3 1,244 8
Amortisation of intangible fixed asset 558 990 1,120 2,660
Total Expenses 10,850 16,032 16,532 31,517
OPERATING INCOME from continuing business
6,735 3,108 7,330 5,235
OPERATING INCOME/(LOSS) from disc. Bus, 107 (3) 472 (8)
Interest & Investment income received/paid(net) (9) (295) 286 (674)
Foreign exchange gain/(loss) (10) 3,689 (10) 3,542
INCOME BEFORE TAXES 6,823 6,499 8,078 8,095
Income Taxes paid/(recovered) (1) 368 - 305
Dividends payable 45 - 89 43
NET INCOME FOR PERIOD 6,779 6,131 7,989 7,747
EARNINGS BEFORE INTEREST, TAX, DEPRECIATION, AMORTISATION
AND FOREIGN EXCHANGE GAIN/(LOSS) 7,480 3,407 9,081 8,220
WEIGHTED AVERAGE
NUMBER OF DILUTED SHARES Thousands
109,952 118,370 109,772 118,370
INCOME PER AMERICAN DEPOSITORY SHARE (ADS)
From continuing business 0.61 0.51 0.69 0.65
From discontinued business 0.01 - 0.04 -
From net income 0.62 0.51 0.73 0.65
(The company's ratio of ADS's to ordinary shares is 1:10)
SELECTED BALANCE SHEET DATA $'000
Working capital (inc short term debt) (24,971)
Cash & receivables 44,415
Total assets 139,433
Long-term obligations (25,137)
Stockholders' equity 38,136
All figures are in round thousands except Income per ADS