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Biotech / Medical : Elan Corporation, plc (ELN) -- Ignore unavailable to you. Want to Upgrade?

To: Icebrg who wrote (2856)	7/23/2002 8:27:40 AM
From: Icebrg	Read Replies (1) \| Respond to of 10345

Amarin Corporation Restructures Loan Agreement With Elan LONDON, July 23 /PRNewswire-FirstCall/ -- Amarin Corporation plc (Nasdaq: AMRN - News) today announced that it has restructured a $45 million loan from Elan Pharmaceuticals, Inc. originally scheduled for repayment in full on September 30, 2002. Under the revised payment schedule, the loan will be repaid in three annual installments of $20 million, $10 million and $15 million, beginning in the third quarter of this year, 2002. Interest will continue to accrue and will also be paid annually. The obligation was incurred last year as part of Amarin's acquisition of marketing and purchase option rights to Permax® (pergolide mesylate), a dopamine receptor agonist indicated as adjunctive therapy in the management of Parkinson's disease. Amarin is the exclusive licensee for Permax in the United States. "We are very pleased to have successfully completed the restructuring of this loan agreement," said Rick Stewart, chief executive officer. "Extending the loan repayment now permits us to better direct resources toward advancing our late stage product opportunities. These include preparing for the launch of Zelapar(TM) upon approval by FDA." Zelapar (selegiline HCl orally dissolving tablets), an MAO-B inhibitor, is being developed as adjunctive therapy to levodopa for treatment of the symptoms of Parkinson's disease. Last May, the U.S. Food and Drug Administration accepted for filing and review the New Drug Application for Zelapar. Permax is generally well tolerated. The most commonly reported side effects are nausea, somnolence, dizziness, headache and dyskinesia. Full prescribing information for Permax is available from Amarin upon request, or can be found at www.amarinpharma.com, the website of Amarin Pharmaceuticals, Inc., the Company's drug development and marketing subsidiary. 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.