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

To: Icebrg who wrote (2860)	7/23/2002 1:05:18 PM
From: Tim Davies	Respond to of 10345

Thanks for the info. i sure hope eln makes it tim

To: Icebrg who wrote (2860)	7/24/2002 8:45:29 AM
From: Icebrg	Read Replies (2) \| Respond to of 10345

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, July 24 /PRNewswire-FirstCall/ -- Amarin Corporation plc (Nasdaq: AMRN - News) 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 2001 in 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 amarincorp.com .