SEC Info - Amarin Corp PLC/UK - ‘6-K’ for 7/29/04

SEC Info℠

Home

Help

Please Sign In

Amarin Corp PLC/UK – ‘6-K’ for 7/29/04 – EX-99.2

On: Thursday, 7/29/04, at 5:47pm ET · As of: 7/30/04 · For: 7/29/04 · Accession #: 1047469-4-24753 · File #: 0-21392

  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

 7/30/04  Amarin Corp PLC/UK                6-K         7/29/04    3:133K                                   Merrill Corp/New/FA

Report of a Foreign Private Issuer — Form 6-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 6-K         Report of a Foreign Private Issuer                  HTML     13K 
 2: EX-99.1     Miscellaneous Exhibit                               HTML     21K 
 3: EX-99.2     Miscellaneous Exhibit                               HTML    102K

EX-99.2 — Miscellaneous Exhibit

This exhibit is an HTML Document rendered as filed. [ Alternative Formats ]

Amarin Corporation plc
Period Ended 30 June 2004 Selected Data (UK GAAP — UNAUDITED)

		Three months ended 30 June								Six months ended 30 June
		2004						2003		2004						2003
		Pre Exceptional		Exceptional		Total		Total		Pre Exceptional		Exceptional		Total		Total
		$'000		$'000		$'000		$'000		$'000		$'000		$'000		$'000
Revenue:
	Revenue from continuing activities	—		—		—		—		—		—		—		—
	Revenues from discontinued activities	(29	)	—		(29	)	2,595		1,017		—		1,017		5,862

Total revenues		(29	)	—		(29	)	2,595		1,017		—		1,017		5,862

Cost of sales:
	Direct costs	—		—		—		1,070		107		—		107		6,470

Cost of sales from discontinued activities		—		—		—		1,070		107		—		107		6,470

Gross (loss)/profit:
	Continuing activities	—		—		—		—		—		—		—		—
	Discontinued activities	(29	)	—		(29	)	1,525		910		—		910		(608	)

Total gross (loss)/profit		(29	)	—		(29	)	1,525		910		—		910		(608	)

												—		—		—
Operating expenses/(income):												—		—		—
	Selling, General & Administrative	1,496		—		1,496		1,792		2,962		—		2,962		3,533
	Amortisation of intangible assets	144		—		144		125		288		—		288		250

	Operating expenses from continuing activities	1,640		—		1,640		1,917		3,250		—		3,250		3,783
																—
	Selling, General & Administrative	—		—		—		3,537		1,575		—		1,575		7,662
	Amortisation of intangible assets	—		—		—		1,223		—		—		—		2,446
	Loss/(gain) on renegotiation of Elan debt	—		14		14		—		—		(25,572	)	(25,572	)	(7,500	)

	Selling, General & Administrative from discontinued activities	—		14		14		4,760		1,575		(25,572	)	(23,997	)	2,608
	Research & development from discontinued activities	1,383		—		1,383		1,632		1,383		—		1,383		3,120

	Operating expenses/(income) from discontinuing activities	1,383		14		1,397		6,392		2,958		(25,572	)	(22,614	)	5,728
	Total selling, general & administrative	1,640		14		1,654		6,677		4,825		(25,572	)	(20,747	)	6,391
	Total research & development	1,383		—		1,383		1,632		1,383		—		1,383		3,120

Total operating expenses/(income)		3,023		14		3,037		8,309		6,208		(25,572	)	(19,364	)	9,511

Operating (loss) from continuing activities		(1,640	)	—		(1,640	)	(1,917	)	(3,250	)	—		(3,250	)	(3,783	)
Operating (loss)/profit on discontinued activities		(1,412	)	(14	)	(1,426	)	(4,867	)	(2,048	)	25,572		23,524		(6,336	)
Total operating (loss)/profit		(3,052	)	(14	)	(3,066	)	(6,784	)	(5,298	)	25,572		20,274		(10,119	)
Exceptional income/(expense)—discountinued activities
	Escrow proceeds of Q4 2003 Swedish disposal					—		—						350		—
	Loss on disposal of US operations and certain products					(62	)	—						(2,438	)	—
(Loss)/profit on ordinary activities before interest
	Continuing activities					(1,640	)	(1,917	)					(3,250	)	(3,783	)
	Discontinued activities					(1,488	)	(4,867	)					21,436		(6,336	)

						(3,128	)	(6,784	)					18,186		(10,119	)
	Net interest payable					(68	)	(192	)					(97	)	(447	)

(Loss)/income before taxes						(3,196	)	(6,976	)					18,089		(10,566	)
														—		—
	Income tax (expense)					—		(41	)					(7,500	)	(143	)
	Dividends payable					—		—						—		(24	)

Net (loss)/income for the period						(3,196	)	(7,017	)					10,589		(10,733	)

Weighted average shares—basic						17,940		17,932						17,940		16,250
Weighted average shares—diluted						17,940		18,791						17,940		17,109
																—
(Loss)/income per share:																—
	Basic					(0.18	)	(0.39	)					0.59		(0.66	)
	Diluted					(0.18	)	(0.39	)					0.59		(0.66	)

Amarin Corporation plc
Period Ended 30 June 2004 Selected Data (UK GAAP — UNAUDITED)

		As at 30 June
		2004		2003
		$'000		$'000
1.	Select Balance Sheet Data
	Net current assets/(liabilities)—see note 4	5,230		(9,714	)
	Cash	7,211		11,232
	Total assets—see note 5	12,140		68,311
	Long term creditors and provisions — see note 6	(5,000	)	(34,356	)
	Called up share capital [ordinary shares] and capital redemption reserve	29,088		29,076
	Total shareholders' funds	4,246		2,982

		Three months ended 30 June
		2004		2003
		$'000		$'000
2.	EBITDA
	(Loss)/profit for period	(3,196	)	(7,017	)
	amortisation	144		1,348
	interest	68		192
	taxation	—		41

	EBITDA	(2,984	)	(5,436	)

3.: The selected financial data set out above should be read in conjunction with Amarin's 2003 Annual Report filed with the Securities and Exchange Commission under Form 20-F.
4.: In conjunction with the acquisition of Laxdale, Amarin agreed a loan facility of up to Stg£0.95 million to Laxdale. This loan facility is secured by a floating charge against Laxdale's assets. At June 30, 2004, Laxdale had drawn down Stg£0.3million and currently has drawn down a total of Stg£0.5 million. The recoverability of this loan is potentially dependent upon the completion by Amarin of a financing of $15 million or more and the subsequent closing of the acquisition of Laxdale.
5.: At the time of the original licensing of Miraxion from Laxdale in 2000, Amarin recorded transaction consideration as an intangible fixed asset. The amortized historical cost at June 30, 2004 was $3.8 million. The carrying value of the Miraxion intangible asset is potentially dependent upon the completion by Amarin of a financing of $15 million or more and the subsequent closing of the acquisition of Laxdale.
6.: At June 30, 2004, Amarin had a $5 million 5-year loan note owing to Elan with capital repayments of $1.5 million due in January 2006 and July 2007 and $2 million due in January 2009. At Elan's option, the loan note can be repaid from proceeds that Amarin receives from a $5 million milestone payable by Valeant on the NDA approval of Zelapar by the US FDA.
7.: Shareholders' Equity

		30-Jun-04
		$'m
UK GAAP		4.2
	Lax-101 product rights	(3.8	)
	Income recognition	(0.6	)
	Preference dividends	0.5

US GAAP		0.3

8.: Basis of preparation — Going Concern

These selected financial data have been prepared on a going concern basis, consistent with the basis of preparation of the Group's current annual financial statements, filed with the SEC under form 20-F.

At June 30, 2004 Amarin had cash of $7.2 million. This is expected to be sufficient for Amarin to continue in operation until mid 2005 based on estimated head office operating expenses, expected business and corporate development costs, remaining Zelapar development obligations and working capital movements.

Pursuant to the Share Purchase Agreement for Laxdale, Amarin intends raising $15-20 million in an equity financing to fund the combined entity through the end of 2005, including the planned phase III trials for Miraxion in Huntington's disease.

These selected financial data do not reflect the potential adjustments that would be necessary should the Group cease to be a going concern.

Amarin Corporation plc
Period Ended 30 June 2004 Selected Data (UK GAAP — UNAUDITED)

Selected Income Statement Data — extract of continuing activities

		Three months ended 30 June				Six months ended 30 June
		2003		2004		2004		2003
		Total $'000		Total $'000		Total $'000		Total $'000
Revenue:
	Revenue from continuing activities	—		—		—		—
		—		—		—		—
Operating expenses/(income):
	Selling, General & Administrative	1,496		1,792		2,962		3,533
	Amortisation of intangible assets	144		125		288		250

	Operating expenses from continuing activities	1,640		1,917		3,250		3,783
Operating (loss) from continuing activities		(1,640	)	(1,917	)	(3,250	)	(3,783	)

Selected Income Statement Data—extract of discontinued activities
Revenue:
	Revenues from discontinued activities	(29	)	2,595		1,017		5,862

Cost of sales:
Cost of sales from discontinued activities		—		1,070		107		6,470

Gross (loss)/profit
	Discontinued activities	(29	)	1,525		910		(608	)

Total gross (loss)/profit		(29	)	1,525		910		(608	)

Operating expenses/(income):
	Selling, General & Administrative	—		3,537		1,575		7,662
	Amortisation of intangible assets	—		1,223		—		2,446

	Selling,General & Administrative pre-exceptional item	—		4,760		1,575		10,108
	Exceptional loss/(gain) on renegotiation of Elan debt	14		—		(25,572	)	(7,500	)

	Total selling, general & administrative from discontinued activities	14		4,760		(23,997	)	2,608
	Research & development from discontinued activities	1,383		1,632		1,383		3,120

Total operating expenses/(income) from discontinued activities		1,397		6,392		(22,614	)	5,728

	Total operating (loss)/profit on discontinued activities	(1,426	)	(4,867	)	23,524		(6,336	)
Exceptional income/(expense)—discountinued activities
	Escrow proceeds of Q4 2003 Swedish disposal	—		—		350		—
	Loss on disposal of US operations and certain products	(62	)	—		(2,438	)	—

(Loss)/profit on ordinary activities before interest
	Discontinued activities	(1,488	)	(4,867	)	21,436		(6,336	)

Dates Referenced Herein

This ‘6-K’ Filing	Date	Other Filings

Filed as of:	7/30/04	None on these Dates
Filed on / For Period End:	7/29/04
	6/30/04
		List all Filings

↑Top

Filing Submission 0001047469-04-024753 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

Amarin Corp PLC/UK – ‘6-K’ for 7/29/04 – EX-99.2

On: Thursday, 7/29/04, at 5:47pm ET · As of: 7/30/04 · For: 7/29/04 · Accession #: 1047469-4-24753 · File #: 0-21392

Previous ‘6-K’: ‘6-K’ on / for 7/13/04 · Next: ‘6-K’ on / for 8/24/04 · Latest: ‘6-K’ on / for 12/20/10

Report of a Foreign Private Issuer — Form 6-KFiling Table of Contents

EX-99.2 — Miscellaneous Exhibit

This exhibit is an HTML Document rendered as filed. [ Alternative Formats ]

Dates Referenced Herein

Report of a Foreign Private Issuer — Form 6-K
Filing Table of Contents