Amarin's 2005 losses reach $18.7 M

UK-based neuroscience company Amarin says that its net losses for the year ended December 31, 2005 were $18.7 million, compared with net income of $4.7 million, or $0.21 per American Depository share, earned in 2004. Amarin says that it made investment in its R&D and intellectual property programs a priority in 2005, adding that its increased losses were a consequence of these activities.

The company's continued development of Miraxion (ultra-pure ethyl-eicosapentaenoic acid), as a potential treatment for a range of neurodegenerative disorders, was the focus of much of the firm's attention in 2005. In September, Amarin reached agreement with the US Food and Drug Administration under the Special Protocol Assessment procedure for the design of a Phase III assessment of Miraxion in the treatment of Huntington's disease. The firm has also outlicensed LAX-202, designed as a fatigue treatment for multiple sclerosis patients, to US company Multicell Technologies for an upfront fee, along with future developmental milestone payments and royalties from product sales.

Amarin says that, assisted by a successful $46.3 million financing it carried out in January this year, it would continue the development of products from its pipeline in 2006.