UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
OF THE SECURITIES EXCHANGE ACT OF 1934
October 4, 2004
Commission File Number 0-21392
AMARIN CORPORATION PLC
(Translation of registrant's name into English)
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:
Form 20-F [X] Form 40-F [ ]
Indicate by check mark whether by furnishing the information contained
in this Form, the registrant is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes [ ] No [X]
Attachment:
Material Events
(a) Amarin Corporation announces purchase by Chairman of equity and debt
interests in Amarin from Elan.
This report on Form 6-K is hereby incorporated by reference
in (a) the registration statement on Form F-3 (Registration No.
333-104748) of Amarin Corporation plc and in the prospectus
contained therein, (b) the registration statement on Form F-3
(Registration No. 333-13200) of Amarin Corporation plc and in the
prospectus contained therein and (c) the registration statement on
Form F-3 (Regisstration No. 333-12642) 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date on which this report is filed, to the extent not superseded by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 or furnished by Amarin
Corporation plc under the Securities Act of 1933 or the Securities
Exchange Act of 1934.
SIGNATURES
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
Name: Richard A.B. Stewart
Title: Chief Executive Officer
Date: October 4, 2004
EXHIBIT INDEX
Index to Exhibits
Exhibit Item Sequentially Numbered Page
(a) Material event description 4
Contact:
Rick Stewart
Chief Executive Officer
Amarin Corporation plc
Phone: +44 (0) 207 907 2442
investor.relations@amarincorp.com
Alan Cooke
Chief Financial Officer
Amarin Corporation plc
Phone: +44 (0) 207 907 2442
AMARIN CORPORATION ANNOUNCES PURCHASE BY CHAIRMAN OF
EQUITY AND DEBT INTERESTS IN AMARIN FROM ELAN
LONDON, United Kingdom, October 1, 2004 - Amarin Corporation plc
(NASDAQSC: AMRN) today announced that Mr Thomas Lynch, its non-executive
chairman, has signed an agreement to purchase the following securities
in Amarin from Elan Corporation, plc and its subsidiaries:
- 4,653,819 Amarin American Depositary Shares representing an approximate
25.9% shareholding on an undiluted basis;
- Warrants to subscribe for 500,000 Amarin Ordinary Shares at an exercise
price of US$1.90 per share; and
- US$5 million in principal amount of Amarin Secured 8% Loan Note, issued
pursuant to a loan note instrument dated February 25, 2004.
The board of Amarin has reviewed and approved the transaction after
consultation with its advisers.
Thomas Lynch has agreed to convert $3 million of the Loan Note into Amarin
ordinary shares, with an option to convert the remaining $2 million at the
offering price of any future equity financing. The conversion of $3 million
of the Loan Note into equity will remove a significant amount of debt from
Amarin's balance sheet. This includes a principal repayment of $1.5 million,
which would otherwise fall due in January 2006, and it reduces the annual
cash interest expense to Amarin in respect of the Loan Notes from US$400,000
to US$160,000.
Rick Stewart, Chief Executive Officer of Amarin commented, "The purchase of
the Elan debt and equity has removed a significant uncertainty for Amarin in
the market as Elan has publicly stated an intention to liquidate their
portfolio of equity investments in biotech and specialty pharmaceutical
companies. Additionally, we view the acquisition of this stake as a
significant vote of confidence in the company by our chairman."
About Amarin Corporation
Amarin Corporation plc is a neuroscience company focused on the development
and commercialisation of novel drugs for the treatment of central nervous
system disorders. Miraxion is in phase III development for Huntington's
disease and is in phase II development for treatment unresponsive depression.
For press releases and other corporate 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, the uncertainty of entering into and consummating a
definitive agreement on terms acceptable to the parties, the inherent
uncertainty of pharmaceutical research, product development and
commercialization, 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 2003 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.