Amarin's loss deepens 12% on R&D costs
UK-based neuroscience company Amarin says that its losses for the fourth quarter of 2006 were $6.5 million, or $0.07 per share, up 12.1% from the $5.8 million deficit it recorded in the comparable period last year.
The firm said that the deepening losses were largely a result of its investment in two Phase III trials of its drug Miraxion (ultra-pure ethyl-eicosapentaenoic acid) for Huntington's disease, in addition to costs from the ongoing development of a novel oral formulation of apomorphine for the treatment of Parkinson's disease.
Amarin also reported that its revenues for the period, which fell 20% to $400,000, were derived from payments it received from US firm Multicell, which obtained a license to the UK group's developmental agent for the treatment of fatigue in multiple sclerosis, MCT-125 (formerly LAX-202), early last year (Marketletter January 9, 2006).
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