Irish drug developer Amarin Corp. plc , with research operations based in New London, says it spent more than $5.3 million in the second quarter on two clinical studies for its cardiovascular treatment.
Amarin says altogether it had cash outflows of about $6.8 million in the three months ended June 30. The outflow was partly offset by about $1.5 million reaped from three investors’ who exercised warrants to buy 1,044,037 new shares of Amarin common stock.
The bioscience firm says so far it has enough money to complete the trials as well as fund a study that could eventually yield federal approval to market the treatment. But it hinted it may have to seek more capital if further studies are warranted.
Its June 30 cash balance was about $37.6 million, down from about $44 million on March 31.
Amarin earlier this year began Phase 3 clinical-stage development of AMR 101 aimed at lowering patient triglyceride levels. High triglycerides – a type of fat found in blood – is linked to cardiovascular disease.
Its “Marine” trial is underway on some 229 test subjects at Kentucky’s Louisville Metabolic and Atherosclerosis Research Center.
Its “Anchor” trial involves about 650 test patients at the Methodist DeBakey Heart and Vascular Center in Houston, Texas.
Amarin research chief Dr. Declan Doogan said in a statement that both trials are proceeding slightly ahead of schedule, with final results likely to be reported in early 2011.
Formal application for federal drug inspectors’ review of AMR 101 could begin as early as 2012, Doogan said.
