BEDMINSTER, N.J. and DUBLIN, Ireland, Jan. 4, 2012 (GLOBE NEWSWIRE) -- Amarin Corporation plc (Nasdaq:AMRN) announced today that its wholly owned subsidiary, Corsicanto Limited, a private limited company incorporated under the laws of Ireland (the "Issuer"), priced its previously announced offering of $150 million in aggregate principal amount of exchangeable senior notes due 2032 (the "notes") to qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended. The transaction, which is subject to customary closing conditions, is expected to close on January 9, 2012. The initial purchasers of the notes will have a 30-day option to purchase up to $22.5 million in aggregate principal amount of the notes solely to cover over-allotments, if any.

The notes will be exchangeable prior to October 15, 2031 only under certain circumstances and during certain periods, and will be exchangeable thereafter regardless of those circumstances. The exchange rate will initially be 113.4752 American Depositary Shares of Amarin ("ADS") per $1,000 principal amount of the notes (equivalent to an initial exchange price of approximately $8.81 per ADS), subject to adjustment in certain circumstances. The initial exchange rate for the notes represents an approximately 25% exchange premium over the last reported sale price of the ADSs on January 3, 2012, which was $7.05 per ADS. Upon exchange, the notes may be settled, at the Issuer's election, in cash, ADS or a combination of cash and ADS. 

The notes will accrue interest at an annual rate of 3.5%. Interest on the notes will be payable semiannually in arrears on January 15 and July 15 of each year, beginning July 15, 2012. The notes will mature on January 15, 2032, unless previously repurchased, redeemed or exchanged in accordance with their terms prior to such date. The Issuer's obligations under the notes will be fully and unconditionally guaranteed by Amarin.

Amarin intends to use the net proceeds from the offering, subject to approval by the U.S. Food and Drug Administration of its new drug application, to fund the commercial launch of AMR101, whether in collaboration with a strategic partner or on its own. Amarin intends such use of proceeds to include funding the manufacture of commercial supply of AMR101 and funding the expansion of its sales and marketing capabilities. Amarin also intends to use the net proceeds from the offering to continue to fund patient enrollment in the cardiovascular outcomes study of AMR101, to fund the submission of a supplemental NDA filing for the indication studied in the ANCHOR trial and for general corporate and working capital purposes. 

This press release does not constitute an offer to sell or a solicitation of an offer to buy the notes or the ADS potentially underlying the notes. The notes and the ADS have not been registered under the Securities Act, or the securities laws of any other jurisdiction. Unless so registered, the notes and the ADS may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act and the applicable securities laws of any other jurisdiction.

About AMR101

AMR101 is a prescription-grade omega-3 fatty acid, comprising not less than 96% ultra pure EPA (icosapent ethyl), that Amarin is developing for the treatment of patients with very high triglyceride levels (