Amarin chairman Tom Lynch has assumed the additional role of chief executive at the drug development firm, eight months after almost €200 million was wiped off its market value when a drug for Huntington's disease failed in clinical trials.
Mr Lynch succeeds Rick Stewart.
A former chief financial officer of Elan and 8 per cent shareholder in Amarin, Mr Lynch said he would divide his time between the company's research and development plant at Oxford and its office in Dublin.
Already down 88 per cent this year, the company's stock lost another 4.5 per cent yesterday to close almost 1 cent weaker on the IEX exchange in Dublin at 19 cent. This implies a market capitalisation on the firm of €26.29 million.
Mr Lynch indicated in a conference call that the company will close its London office and seek other ways to trim costs. "Amarin is going to be my commitment. Whatever time it needs, it's going to get," he said.
Separately, Amarin said that it has completed its acquisition of Israeli biotechnology firm Ester Neurosciences for an upfront consideration of $15 million (€10.44 million) and up to $17 million in contingent payments.
The company part-funded this deal with $8.1 million in new financing, representing the gross proceeds from a public offering of equity, warrants and convertible debt.
Amarin directors and managers invested $1.7 million in this funding round, which comprised $5.4 million in equity and $2.7 million in convertible loans. Institutional investors in the US, Ireland and Israel subscribed for the remainder, the company said.
:quality(70)/cloudfront-eu-central-1.images.arcpublishing.com/irishtimes/VR3765MFOBH2NMV2QNICYDF67M.png)