Friday, August 09 12:34:25
Amarin, an Irish-based late-stage biopharmaceutical company, has reported a net loss of $101.9m (E76.1m) for its second quarter
It realised $5.5 million in product revenue from Vascepa sales - a fish-oil based drug that lowers cholesterol - in Q2, the first full quarter of Vascepa sales ($1.8 million in net value of Vascepa was deferred at the end of Q2 for product sold to wholesalers but not recognized as revenue under GAAP).
Normalized prescriptions, based upon data from Symphony Health, increased in Q2 to 47,335 from 10,484 in Q1, comprised of normalized prescriptions from February and March only
It increased the number of physicians prescribing Vascepa to over 9,000.
The company continued to enroll patients in the REDUCE-IT cardiovascular outcomes trial in which the mean and median baseline triglyceride, or TG, levels in patients participating in the study to date are >200 mg/dL, a level which is intentionally higher than studied in recently conducted outcomes trials of other prescription lipid modifying therapies.
It completed an equity financing in July resulting in approximately $121.1 million in estimated net proceeds which, when combined with the company's $149.4 million of cash on June 30, 2013, provides a solid financial foundation from which to further grow the company and seek profitability.
"Since the end of Q1, revenues, prescription levels, prescribing physicians and lives covered under Tier 2 have all more than doubled," said Joseph Zakrzewski, Chairman and Chief Executive Officer of Amarin. "We have witnessed the awareness, knowledge level and utilization of Vascepa strengthen and expand across our group of targeted physicians. The efficacy and safety profile of Vascepa for its approved indication continue to be well received and we plan to continue to drive increased physician awareness and managed care coverage to further grow revenues. In addition, we believe we are well positioned for approval by the U.S. Food and Drug Administration, or FDA, in December to expand Vascepa labeling from our approved MARINE indication to the significantly larger population represented by our proposed ANCHOR indication."