Amarin Corp. Plc (NASDAQ:AMRN) New High on Lasting PR Action
By StockFrontRunners on May 20, 2010 with Comments 57
The lagging effects of Amarin Corp. Plc (NASDAQ:AMRN) aggressive PR action reached their peak yesterday, causing another considerable jump in the stock price. Following the increasing investor demand for the under $5 stock, a new high for this year was recorded.After a short-term drawback, Amarin came back yesterday with a 10.47% jump, crowning the continuous uptrend started end of February with the highest value for this year at $2.49, only slightly below the 52-week peak of $2.54. In the course of the usual marketing strategy of attacking the market with press releases, Amarin made investors cautious again in the middle of last week.
Without any official SEC filings of financial data over the last years, the bio-pharmaceutical company preferred again to announce the financial results from the last quarter ended March this year in an extensive press release. It also reported of the progress on the two currently running pivotal trials of the company’s lead product candidate, a drug to be used for the treatment of elevated triglyceride levels.
In the PR financial update, Amarin reports the impressive cash position of $44 million and expresses confidence the funds available will be sufficient to cover the clinical trials, on which $5 million of the total $8 million cash outflow have been spent. The remaining amount went for scaling down Amarin’s operation in Europe, consistent with previous consolidation plans.
Those being the only numbers disclosed, it looks like the quite scarce financial information will leave the dark side of Amarin’s financials covered for investors. Assuming there is nothing to hide, one could believe the reason for the missing official filings is actually the IFRS reporting style, currently used by the company as an excuse for not providing more extensive financial reports to the public.
For Amarin investors, who do not run out of patience too quickly, hopefully the results from the clinical trials will be reported until 2012.
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Filed Under: Press Releases
