Amarin 2Q net loss widens slightly to $6.8 million, operating loss to $7.9 million

By Lisa Kerner

Charlotte, N.C., Aug. 3 - Amarin Corp. plc reported a second-quarter net loss of $6.8 million, or $0.08 per share, for the quarter ended June 30, up from the net loss of $6.1 million, or $0.14 per share, for the quarter ended June 30, 2005.

The increase in net loss for the quarter was attributed to investment in research and development, particularly in the ongoing phase 3 trials with Miraxion in Huntington's disease, according to a company news release.

Amarin's operating loss for the quarter increased to $7.9 million from $6.3 million for the prior-year period.

For the six-month period ended June 30, the company's net loss increased to $13.1 million, or $0.17 per share, from $9.7 million, or $0.24 per share, in the year-ago period.

Amarin's operating loss for the first half of the year was up at $14.7 million from $9.8 million for the same period in 2005.

At June 30, Amarin had cash of $28.8 million, an increase from $16.4 million on June 30, 2005.

Amarin said it has no debt and forecasts having sufficient cash to fund operations into the fourth quarter of 2007 and, with possible partnering revenue, possibly beyond.

Company highlights for the quarter include completely enrolling two phase 3 trials with Miraxion in Huntington's disease, acquiring a Parkinson's disease drug candidate, forming a scientific advisory board and obtaining listings on the London and Irish stock exchanges.

Amarin is a neuroscience company located in London.

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