Dublin, Ireland and Mystic, Connecticut, USA, August 17, 2010 – Amarin Corporation plc (NASDAQ: AMRN), a clinical-stage biopharmaceutical company with a focus on cardiovascular disease, today announced that Colin W. Stewart has been appointed President, Chief Executive Officer (CEO) and a member of the Company’s Board of Directors effective August 16, 2010. Mr. Stewart will be responsible for driving forward the Company’s strategy to maximize the value of its lead product, AMR101, a new drug being studied in Phase 3 clinical trials for the treatment of high triglycerides. The Company announced last week that one of its Phase 3 trials, the MARINE trial, completed patient enrollment and randomization earlier than expected with top-line results now expected in early 2011.
Mr. Stewart has more than 30 years of experience in executive management and commercial positions for pharmaceutical companies, including five years as President and CEO of CollaGenex Pharmaceuticals, Inc. where he was responsible for the company’s growth leading to its successful sale in 2008.
In addition, Mr. Stewart served ten years with the ASTA Medica Group, where he managed several business units in the United States and internationally. He began his career in sales and marketing for Winthrop Laboratories, Ltd. in the United Kingdom, and subsequently held a number of positions of increasing responsibility within the Sterling-Winthrop Group.
Dr. Declan Doogan, who has been serving as the Company’s Interim CEO, will continue to support the Company as Chief Medical Officer providing Amarin access to the majority of his time.
Amarin’s Chairman of the Board, Joseph Zakrzewski, commented, “We are very excited by the addition of Colin Stewart to the Amarin team. He brings a wealth of commercial and executive management experience, which complements the already strong technical and financial functions within the Company. Colin is expected to play a key role as we weigh our various alternatives for commercialization of AMR101.” Mr. Zakrzewski went on to state that, “Declan Doogan deserves many thanks for his contributions as Interim CEO and we look forward to his continued contributions.”
Mr. Stewart added, “I am very impressed by the progress Amarin has made since being restructured and recapitalized late last year. This progress is a tremendous credit to the whole team at Amarin with which I really look forward to working. With Phase 3 studies of AMR101 for two indications advancing well and scheduled to report in 2011, we will continue to explore every opportunity to maximize the potential commercial value of this promising drug, including potentially through one or more collaborations with larger pharmaceutical companies.”
AMR101 is ultra pure ethyl icosapentate (ethyl-EPA). Significant scientific and clinical evidence supports the efficacy of ethyl-EPA in reducing triglyceride levels. Near the start of 2010, Amarin initiated two Phase 3 clinical trials to investigate the efficacy of AMR101 in reducing elevated triglyceride levels in two patient populations (the ANCHOR and MARINE trials). As separately reported, patient enrollment and randomization to dosing (2 grams, 4 grams and placebo) has been completed in the MARINE trial
and is over half completed in the ANCHOR trial. Amarin expects to report preliminary top-line results from both trials in 2011 with results from the MARINE trial expected in the beginning of 2011.
Amarin Corporation plc is a clinical-stage biopharmaceutical company with expertise in lipid science focused on the treatment of cardiovascular disease. The Company’s lead product candidate is AMR101 (ethyl icosapentate), which is presently being investigated in two Phase 3 clinical trials, one for the treatment of patients with very high triglyceride levels and the other for the treatment of patients with high triglycerides with mixed dyslipidemia on statin therapy. Both of these Phase 3 trials are conducted under Special Protocol Assessment (SPA) agreements with the U.S. Food and Drug Administration (FDA). Amarin also has next-generation lipid candidates under evaluation for preclinical development. For more information please visit www.amarincorp.com.
Investor Contact Information:
John F. Thero
Chief Financial Officer
In US: +1 (860) 572 4979
Lee M. Stern
The Trout Group
In U.S. +1 (646) 378-2922
International Media Contact Information:
Mark Swallow or David Dible
Citigate Dewe Rogerson
In UK: +44 (0)207 638 9571