Amarin Corp. plc, the Irish drug developer with research operations in the Mystic section of New London, is set to raise about $87 million from a fresh offering of stock to fund its clinical development and eventual marketing of a treatment for heart disease.
Amarin said the offering of 12 million American Depositary Shares has been priced at $7.60 each.
Net proceeds from the offering, due to close Tuesday, will total about $87.1 million, after deducting underwriting discounts, commissions and other expenses.
The company said the money will be used to market its AMR101 drug for curtailing fatty deposits linked to heart disease as well as for working capital and for general corporate purposes.
Amarin is underway with two clinical trials for AMR101 in Louisville, Ky., and Houston, Texas, with results for both due before the end of the year.
This is Amarin’s second recapitalization since raising $70 million in October 2009 in a restructuring that put it on a fresh path strategically. Amarin has no debt.
In early afternoon trading, Amarin was up 70 cents, or 9.2 percent, to $8.43.
In November, Amarin said it finished the third quarter with $31.4 million in cash after spending $6.2 million in the period, most of it conducting the two drug trials.
Jefferies & Co. Inc. and Leerink Swann LLC are acting as joint book-running managers in the offering, and Canaccord Genuity Inc. is co-lead manager for the offering.
