Amarin Corporation’s (AMRN) AMR101 Meets Pivotal Phase 3 Study Endpoints

Amarin Corporation Plc (ADR) ( NASDAQ: AMRN ), on Monday, reported positive top-line results from the Phase 3 clinical trial of its lead drug candidate AMR 101. The company said that the results from the MARINE Study were statistically significant. The study met its primary endpoints as defined in the clinical trial protocol and showed a positive safety profile. Commenting on the positive results, Joseph S. Zakrzewski, Executive Chairman and CEO of Amarin, said that the MARINE study was conducted in a population representative of millions of people with very high triglyceride levels, including more than 3.8 million in the U.S. alone. He said that the company believes that these results and the overall profile of AMR101 position the drug candidate to be best in class in the market. Earlier this month, Amarin also reported its third-quarter 2010 financial and operational results. The company had a cash balance of $31.4 million at the end of the third quarter. The company's cash outflow during the third quarter of 2010 was $6.2 million, of which $5.5 million was paid in connection with its two ongoing Phase 3 clinical trials. Amarin also said that it expects its current financial resources to be sufficient to finance its planned operations through the filing of the new drug application (NDA) for AMR101. The ADRs of Amarin have a 52-week range of $0.93-$6.30. The ADRs are currently trading above their 50-day and 200-day moving averages. The ADRs have a support level at $4.48 and a resistance level at $6.18. Year-to-date, the ADRs are up 304.92%. Ireland-based Amarin is a clinical-stage biopharmaceutical company, focusing on the development of improved treatments for cardiovascular disease. The company is currently focusing its efforts on its lead product candidate, AMR101. Need fast service and cheap rates from a broker? Click here to see my favorite place to trade AMRN Want more? Check out the message board buzz for AMRN See which newsletters are recommending this stock pick Get breaking news alerts on this stock:  http://thestockmarketwatch.com/
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