West Coast Editor

Amarin Corp. plc's April blowup of Miraxion in Phase III trials against Huntington's disease did not prevent the company from raising cash - albeit just $3.7 million - through the sale of shares and warrants, mostly from Southridge Capital Management Inc., an affiliate of a former shareholder, which put $3 million into the coffers. Directors and officers chipped in the rest.

The 6.16 million ordinary shares were priced at 60 cents each, the closing price last Thursday, and investors got warrants to buy 0.62 million shares at an exercise price of 72 cents per share. Ordinary shares issued represent about 5 percent of Amarin's fully diluted shares outstanding as of June 4. Amarin's stock (NASDAQ:AMRN) closed at 60 cents Monday, unchanged.

London-based Amarin and Southridge, of Ridgefield, Conn., also entered into an equity line of credit deal that gives Amarin the option to draw down as much as $15 million more equity funding by Southridge at any time over a three-year period, solely at Amarin's discretion. If Amarin makes a draw, the shares to be issued will be priced at a 4 percent discount to the average closing bid price of Amarin's American Depositary Shares during the pricing period at the time. Amarin can pursue other financing activities during the period, and has paid Southridge a one-time fee of $300,000 through the issuance of 499,168 ordinary shares.

In late April, Amarin followed previous Miraxion data that showed efficacy in a Huntington's subset with Phase III results that missed primary and secondary endpoints

Despite previous data showing efficacy of Miraxion in a subset of Huntington's disease patients, Amarin Corp. plc's drug failed to hit primary and secondary endpoints in two Phase III studies. Shares dropped 78 percent the day the news was made public, and closed at 83 cents. Miraxion is a semi-synthetic, highly purified derivative of (all-cis) 5,8,11,14,17-eicosapentaenoic acid designed to stabilize cell membranes and the mitochondrial integrity of neurons. The latest funding lets Amarin go ahead with four main programs, three of which could reach Phase II trials next year. At the end of March, the firm had $29 million.

In other financing news:

• Amylin Pharmaceuticals Inc., of San Diego, said it plans to offer $400 million of convertible senior notes for sale in a private placement. The notes, expected to be due in 2014, will be convertible into shares of Amylin common stock, subject to Amylin's right to irrevocably elect to settle conversions in cash up to the principal amount and shares for any conversion value in excess thereof. Amylin intends to grant the initial purchasers of the notes an option to purchase up to $50 more million in notes. Proceeds will be used for general corporate purposes.

• Dendreon Corp., of Seattle, plans to offer $75 million of convertible senior subordinated notes due 2014, through a private placement to qualified institutional buyers. The interest rate, terms of conversion, offering price, and other terms will be decided in negotiations, and Dendreon expects to grant the initial purchaser a 30-day overallotment option to buy as much as $25 million more in notes. Proceeds will be used to pay for activities relating to the cancer vaccine Provenge (sipuleucel-T) and other activities. Last week, Dendreon shares (NASDAQ:DNDN) jumped 27 percent, closing at $8.55, after the company clarified that either a positive interim analysis or a positive final analysis from its ongoing D9902B (IMPACT) Phase III study would satisfy the FDA's request for additional efficacy data on Provenge. The stock ended Monday at $8.20, up 10 cents. (See BioWorld Today, June 1, 2007.)

• Northwest Biotherapeutics Inc., of Bothell, Wash., started its previously disclosed, intended placement of shares of its common stock with foreign institutional investors, subject to market and other customary conditions. The company expects gross proceeds of up to $30 million.