Amarin Prices Public Offering of American Depositary Shares
This just released.....well I wasn’t that far I guess with my analysis in the previous post.
Long and strong
BEDMINSTER, N.J. and DUBLIN, Ireland, Jan. 30, 2018 (GLOBE NEWSWIRE) -- Amarin Corporation plc (NASDAQ:AMRN) today announced the pricing of the underwritten public offering of its American Depositary Shares ("ADSs") for gross proceeds of approximately $70.0 million, before deducting the underwriting discounts and commissions and other estimated offering expenses payable by Amarin. The offering is expected to close on or about February 1, 2018, subject to customary closing conditions. In addition, Amarin has granted the underwriter a 30-day option to purchase approximately $10.5 million of additional ADSs.
Cantor Fitzgerald & Co. is the sole book-running manager for the offering. The underwriter may offer the ADSs from time to time for sale in one or more transactions on The NASDAQ Global Market, in the over-the-counter market, through negotiated transactions or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices. On January 29, 2018, the last sale price of the ADSs on The NASDAQ Global Market was $4.01 per share.
The gross proceeds from the offering are expected to be approximately $70.0 million before deducting customary underwriting discounts and commissions and offering expenses. Amarin intends to use the net proceeds from the offering to expand medical education and market awareness initiatives, including, in advance of REDUCE-IT results being known, pilot testing of new promotional initiatives for potential broader application following REDUCE-IT results, to increase its inventory balances for incremental inventory build prior to REDUCE-IT results and for general corporate and working capital purposes.
The securities described above are being offered by Amarin pursuant to a shelf registration statement on Form S-3ASR (No. 333-216385) previously filed with the Securities and Exchange Commission (the "SEC") on March 1, 2017 and automatically became effective upon filing. The securities may be offered only by means of a written prospectus, including a prospectus supplement, forming a part of the effective registration statement. A preliminary prospectus supplement and accompanying prospectus relating to the offering have been filed with the SEC and are available on the SEC's website at www.sec.gov. A final prospectus supplement and accompanying prospectus will be filed with the SEC. When available, copies of the final prospectus supplement and the accompanying prospectus may also be obtained by contacting Cantor Fitzgerald & Co., Attention: Capital Markets, 499 Park Ave., 6th Floor, New York, New York 10022, or by email at prospectus@cantor.com.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.
