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Amarin Corporation (Nasdaq: AMRN) $2.15. Today announced selected financial results for the fiscal quarter ended March 31, 2010 and provided a progress update of the Company's ANCHOR and MARINE trials, the two pivotal Phase 3 clinical trials of its lead product candidate AMR101 for treating elevated triglyceride levels.
Amarin's cash balance as of March 31, 2010 was approximately $44 million. The Company expects that its current financial resources are sufficient to cover planned operations through completion of the ongoing ANCHOR and MARINE Phase 3 clinical trials, the reporting of results from these trials and, assuming clinical trial success, the filing of an NDA.
During the three months ended March 31, 2010, net cash outflows were approximately $8 million, including approximately $5 million paid in connection with the ramp-up and support of the Company's two Phase 3 clinical trials, including the commencement of enrollment for these trials which occurred near the start of 2010, as well as for support of general operations. First quarter net cash outflows also included approximately $3 million in payments associated with scaling-down Amarin's operations in Europe, which action is consistent with the previously announced decision to consolidate Amarin's R&D headquarters in the United States, and payment of U.K. stamp tax and registration costs associated with the financing completed in 2009.
Near the start of 2010, Amarin initiated two pivotal Phase 3 clinical trials to investigate the efficacy of AMR101 in reducing elevated triglyceride levels in two patient populations (the ANCHOR and MARINE trials). Both trials have progressed well since then and the Company now expects to complete enrollment of these trials in 2011. As a result of this progress, Amarin expects to report preliminary top-line results of these trials in 2011, ahead of previously stated guidance of preliminary results reported in 2012.
What They Do: Amarin Corporation plc is a clinical-stage biopharmaceutical company with expertise in lipid science focused on the treatment of cardiovascular disease.
Baron Energy (OTCBB: BROE) $0.28. Announced yesterday that it has recently completed field operations to bring on more than 16 Bopd (barrels of oil per day) that was shut-in pending a workover program.
Ronnie L. Steinocher, President and CEO of Baron Energy, commented, "Keeping our production on line in order to maximize revenue is important. This week long field program allows us to now have more than 90% of our total available production on line." Mr. Steinocher also noted, "We still have a few minor field operations underway and expect by the end of the month to have at least 95% of our available production on stream."
What They Do: Baron Energy is an independent oil and gas production, exploitation, and exploration company headquartered in Midland, Texas with producing assets in the prolific oil producing Permian Basin of West Texas. Baron owns production that is 99% oil, both operated and non-operated, with working interest ranging from 5% to 100% in oil and gas fields located in Baylor, Borden, Garza, Jones, Runnels, Scurry and Taylor Counties, Texas. Baron's growth strategy centers on making accretive property acquisitions in its core operating area. The Company targets properties that have oil production with upside developmental potential.
Amerigon Incorporated (Nasdaq: ARGN) $9.94. Today announced that its proprietary heated and ventilated seat system will be offered as an option on the front seats of the 2011 KIA Sportage, a compact Sport Utility Vehicle (SUV) known for its styling and wide range of interior amenities.
The Sportage offers many upscale features including Amerigon's heated and ventilated seat system, said Amerigon President and Chief Executive Officer Daniel R. Coker.
What They Do: The Amerigon heated and ventilated seat system combines passive cooling or ventilation with active heating.
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