Irish biotech group Amarin has made an agreement with investors that will see it raise $70 million (€47 million) through a private placement, and announced there would be changes to its board.
The private placement will consist of $66.4 million in cash and $3.6 million from the conversion of convertible bridge notes, and is being raised from existing and new investors.
The company will use the funding to progress two Phase 3 clinical trials and to end $1.9 million in bridge financing it took out.
Changes to the board and management team are expected to take place when the financing deal is closed, with existing chief executive Thomas Lynch to step down. He will continue as company chairman, and Amarin's head of research and development Dr Declan Doogan will take over as interim chief executive.
Two new directors will also join the board, Dr Manus Rogan of Fountain Healthcare Partners and Dr Joseph Anderson of Abingworth LLP. Fountain Healthcare Partners is an existing investor in Amarin, and is involved in the new financing deal. The new investor group was led by funds affiliated with Abingworth.