Amarin Corporation Announces Partial Conversion of Convertible Preference Shares by Elan
LONDON, April 3 /PRNewswire-FirstCall/ -- Amarin Corporation plc (Nasdaq: AMRN - news) today announced that Elan International Services, Ltd, a subsidiary of Elan Corporation plc, has converted 2,129,819 shares of its Amarin convertible preference stock into 21,298,190 shares of Amarin ordinary stock (equivalent to 2,129,819 American depositary shares). This conversion is in accordance with the terms of the subscription agreement entered into by Elan and Amarin in November 1999. Following this conversion, Elan now owns approximately 27 percent of Amarin's undiluted shares outstanding.
``We are very pleased that Elan responded favourably to our request to convert a significant portion of their convertible stock into ordinary shares of Amarin, and we are delighted to have Elan as a long term shareholder'' said Rick Stewart, chief executive officer. ``This action begins to simplify our capital structure and provides greater clarity and transparency to all who follow our Company.''
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 amarincorp.com |
