Irish drug developer Amarin Corp. PLC, with research operations based in Stonington, narrowed its first-quarter operating loss stemming from a pair of clinical trials for its treatment that ebbs heart-damaging compounds in the blood.
Amarin’s operating loss was $7.2 million in the three months ended march 31, down from a loss of $7.4 million the same quarter last year.
First-quarter net income was $18.3 million, or 12 cents a share, the result of an accounting treatment of an equity investment. That compares to a year-earlier loss of $9.2 million, or 9 cents a share, a year ago.
Recently, Amarin said testing of its omega-3 pill for lowering heart-damaging compounds has done just that without simultaneously raising so-called “bad” cholesterol in test patients.
Industry analysts say Amarin’s AMR101 has the potential to be a blockbuster drug generating well over $1 billion in annual sales.
The company says it plans to seek Federal Drug Administration approval to market its AMR101 treatment before the close of the third quarter.
