Amarin Corp PLC, with Stonington R&D operations, widened its second-quarter loss as the Irish drug developer heads into the home stretch toward possible federal approval of its treatment against heart-damaging toxins in the bloodstream.
Amarin posted a net of $202.1 million, or $1.58 a share, during the three months ended June 30, up from its loss of $41.4 million, or 42 cents a share, the same period a year earlier.
The loss reflects a non-cash expense of $185.4 million from a change in the fair value of a warrant derivative liability, Amarin said.
The company had no revenues in either period.
But Amarin’s cash horde for paying the bills until it has a marketable product totaled $131.5 million at June 30, nearly four times the $34.4 million on hand the same date last year.
Amarin recently ended clinical trials of its treatment for lowering high blood levels in harmful triglycerides that contribute to coronary disease.
The company says it remain on track to submit this quarter a formal application to the federal Food & Drug Administration for clearance to market its treatment.
