Amarin Corp. PLC lost money in the fourth quarter as the Irish drug developer with Stonington research and development operations continues to work in a synthetic fish-oil formulation to fight heart disease.
For three months ended Dec. 31, Amarin lost $10.6 million, or 7 cents a diluted share. That compares to a net gain of $18.3 million, or 12 cents a share, netted the same period a year earlier.
For 2012, Amarin lost $179.2 million, or $1.24 a share, wider than the $69.1 million, or 53 cents a share, lost in 2011.
Amarin said that despite its accelerated rate of cash burn related to ongoing drug trials of its patented Vascepa omega-3 fatty acid formulation to counter the body’s heart-harmful triglyceride levels, it finished the year with cash and equivalents totaling $260.2 million vs. $116.6 million a year earlier.
