Irish biotech group Amarin has entered non-binding agreements with some existing shareholders to raise $55 million in private placings of stock. The money would expedite the company’s short-term financing issues which have necessitated the arranging of $2.5 million bridging finance that has now been extended to the middle of July.

Under the proposed arrangement, existing investors, including Irish private equity group Fountain Healthcare Partners, would lead a $35 million initial placement, with up to $20 million being held for further new investors down the line.

Chairman and chief executive Tom Lynch said the “potential funding for up to $55 million represents a major advance for Amarin and would achieve our objective of having the company’s phase III cardiovascular programme fully funded”.