Amarin (AMRN) Stock News

Amarin Corporation plc (NASDAQ:AMRN) presented new in vitro data at the ACC.23/WCC conference, highlighting the antithrombotic and antioxidant effects of eicosapentaenoic acid (EPA). The findings support EPA's role in reducing cardiovascular events, particularly in patients with elevated triglycerides. Notably, EPA inhibited lipoprotein oxidation by 89%, outperforming docosahexaenoic acid (DHA). The REDUCE-IT trial further substantiates these results, demonstrating significant reductions in ischemic events without increased bleeding risks. This data enhances confidence in the therapeutic potential of EPA and emphasizes its unique benefits compared to other oils.

Amarin Corporation has announced a new post-hoc analysis from the REDUCE-IT study, demonstrating that icosapent ethyl (IPE) significantly reduces the risk of first and total ischemic events by 37% and 36% respectively for patients with recent acute coronary syndrome (ACS), without increasing bleeding risks. The analysis included 840 patients with recent ACS and 3,651 patients with ACS over 12 months. Notably, the absolute risk reduction was 9.3% for first events with an NNT of 11. These findings were presented at the American College of Cardiology's annual session in New Orleans.

Amarin Corporation (NASDAQ:AMRN) announced its fourth quarter and full year 2022 results, reporting a net income of $0.9 million in Q4 2022, down from $14.7 million in Q4 2021. Total revenues for Q4 2022 were $90.2 million, a 38% decline compared to the previous year, driven by decreased sales volume of VASCEPA due to generic competition. The company generated positive free cash flow of $4 million in Q4 2022 and expects to exceed its cost savings target of $100 million in 2023. Positive progress was made in Europe with pricing secured in five markets and further negotiations ongoing, projecting a potential $1 billion peak revenue opportunity in the region.

Sarissa Capital Management announced a significant victory against the Amarin Corporation board, claiming to have received nearly 80% of shareholder votes in favor of their slate. This vote represents more than 100 million additional votes than the incumbent board. Sarissa, the largest shareholder, expresses confidence in leveraging Vascepa, a unique and beneficial drug, to unlock shareholder value. Sarissa emphasizes the importance of running Amarin for the benefit of all shareholders and urges further action.

Amarin Corporation plc (NASDAQ: AMRN) announced the preliminary results of its 2023 General Meeting of Shareholders, where shareholders voted to elect seven nominees from Sarissa and remove Per Wold-Olsen as Chairman of the Board, effective immediately. The Board will expand to 15 directors, with a new Chairman to be appointed later. Amarin acknowledged the feedback from shareholders and remains focused on its strategy amidst ongoing pricing negotiations in Europe and stabilization efforts in the U.S. The final voting results will be certified and reported on a Form 8-K.

Amarin Corporation plc (NASDAQ:AMRN) and CSL Seqirus have entered an exclusive licensing agreement for VAZKEPA's distribution in Australia and New Zealand. This partnership positions CSL Seqirus, known for its strong market access capabilities, to manage pricing and reimbursement while promoting the treatment for cardiovascular disease. Amarin will receive an upfront payment and potential milestone payments totaling up to $12 million. Approximately 1.3 million patients in Australia have cardiovascular disease, highlighting a significant market opportunity for VAZKEPA.

Amarin Corporation (NASDAQ: AMRN) responded to Sarissa's claims regarding management compensation. The Board clarified that the 2023 compensation plan was approved in February, consistent with prior years, and includes performance-based grants for all employees, including CEO Karim Mikhail. Amarin emphasized that the General Meeting has not yet occurred and that results will be published post-meeting, adhering to SEC guidelines. The company asserts its commitment to transitioning into a diversified cardiometabolic entity and executing its strategic plan to enhance value for shareholders.

Amarin Corporation (NASDAQ:AMRN) has announced that data from the REDUCE-IT trial will be presented at the ACC.23/WCC in New Orleans, March 4-6, 2023. This includes research on the efficacy of VASCEPA/VAZKEPA (icosapent ethyl) in patients who recently experienced acute coronary syndrome. Key presentations include analyses on EPA and its role in cardiovascular risk reduction. Amarin's Chief Medical Officer highlighted that these findings enhance the understanding of icosapent ethyl's utility in treating high-risk cardiovascular patients and compared EPA's antioxidant effects against other oils. The conference will feature multiple presentations sharing critical insights on cardiovascular health.

Sarissa Capital Management accuses the Amarin board of bad faith for approving substantial equity grants to executives, including Karim Mikhail, just before a crucial proxy contest. The board awarded over 3.6 million shares, with Mikhail receiving 70% more than last year, despite the company's poor performance. Sarissa claims these grants circumvented fiduciary duties and lacked performance criteria, questioning the board's integrity during a contested election. They demand Mikhail return these grants to employees, arguing that board actions reflect ongoing mismanagement, jeopardizing shareholder interests. Sarissa aims to hold directors accountable and initiate board reform.