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Amarin Corporation plc Message Board

  • stillondgo stillondgo Feb 13, 2013 5:51 PM Flag

    kole, I love this devastating truth about Amarin

    The terms of new no equity financing sound as if AMRN sold its soul to the Cayman Islands devil. Under the terms of the agreement with "Biopharma Secured Debt Fund II Holdings Cayman LP," AMRN will be likely be paying a nosebleed 12%-14% interest on $100 million, adding more than $1 million per month in net losses and ballooning debt while it struggles to try to launch its drug. Furthermore, AMRN was required to put up "its patents, trademarks, copyrights, know-how and regulatory filings, submissions and approvals related to [its] lead product, Vascepa" as collateral. It basically gave the debt fund the right to wipe the company out from shareholders if AMRN fails to meet its debt obligations. All that for collateral for interest rates worse than most collateral-free credit cards. Doesn't show a lot of faith in AMRN's future.

    The article is incredibly accurate and you and I know Amarin is heading for Chapter 11.

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