Amarin Reports Second Quarter 2013 Financial Results and Provides Update on Operations

Amarin Reports Second Quarter 2013 Financial Results and Provides Update on
Operations

Conference Call Set for 4:30 p.m. EST Today

BEDMINSTER, N.J. and DUBLIN, Ireland, Aug. 8, 2013 (GLOBE NEWSWIRE) -- Amarin
Corporation plc (Nasdaq:AMRN), a late-stage biopharmaceutical company focused
on the commercialization and development of therapeutics to improve
cardiovascular health, today announced financial results for Q2, the quarter
ended June 30, 2013, and provided an update on company operations.

Monthly Rxs

Key Amarin accomplishments since March 31, 2013 include:

  *Recognized $5.5 million in product revenue from Vascepa sales 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
  *Improved formulary access by increasing number of lives covered with Tier
    2 status to greater than 72 million with over 190 million lives covered on
    formulary overall
  *Increased the number of physicians prescribing Vascepa to over 9,000
  *Advanced planning and preparation for the anticipated launch of Vascepa
    for the ANCHOR indication, progressing towards advisory committee date of
    October 16, 2013 and PDUFA date of December 20, 2013
  *Reported statistically significant reductions in median particle
    concentrations of total very-low-density lipoprotein (VLDL) by 12.2%,
    total low-density lipoprotein (LDL) by 7.7%, and small LDL particles by
    13.5% when Vascepa 4 g/day was added to optimized statin therapy for 12
    weeks, compared with placebo, in post-hoc analyses of the ANCHOR Phase 3
    clinical trial data
  *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
  *Increased patents issued or allowed in the United States to 27, adding 5
    in Q2, which include multiple claims covering the administration of pure
    EPA to lower triglycerides with or without statin therapy (16
    year-to-date), all but two of the 27 have patent terms extending into
    2030, with more than 30 additional patent applications being prosecuted in
    the United States alone
  *Expanded approved active pharmaceutical ingredient, or API, suppliers for
    Vascepa from one to three with sNDA approvals for BASF and Chemport Inc.
  *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."

Operational update

Commercialization update

Amarin's direct sales force, consisting of approximately 275 sales
professionals, launched Vascepa on January 28, 2013, for use as an adjunct to
diet to reduce triglyceride levels in adult patients with severe (≥500 mg/dL)
hypertriglyceridemia, the initial indication for Vascepa, or MARINE
indication. Amarin reports that, since launch, access to clinicians has been
good, and that it has yet to hear any significant negative reaction to the
efficacy or safety profile of Vascepa. Amarin's sales professionals are
currently targeting the limited group of clinicians who are the highest
prescribers of other lipid therapies and seeking, in particular, to increase
awareness and knowledge of Vascepa among this group. Amarin believes that
Vascepa is well differentiated in this market based on its safety profile,
which is comparable to placebo, and on its spectrum of demonstrated lipid
benefit at 4 g/day, including statistically significant reductions in TGs, Apo
B, VLDL-C, and non-HDL-C, with no increase in LDL-C, also known as bad
cholesterol.

A chart accompanying this press release is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=20332

Vascepa additional indication progress

In parallel with marketing Vascepa for the MARINE indication, Amarin is
pursuing FDA approval of Vascepa for the ANCHOR indication, a second
indication in a significantly larger adult patient population, those with
mixed dyslipidemia and TG levels between 200 and 499 mg/dL.

As previously announced, in a clinical trial of the use of Vascepa in the
ANCHOR indication, Vascepa demonstrated statistically significant reductions
in a broad spectrum of lipid and inflammatory markers, on top of optimized
statin therapy, including significant reduction in LDL-C compared to placebo.
The FDA has accepted for review Amarin's Supplemental New Drug Application, or
sNDA, for the ANCHOR indication and has assigned a PDUFA action date of
December 20, 2013 for this sNDA. In addition, the FDA has scheduled a meeting
of the Endocrinologic and Metabolic Drugs Advisory Committee (EMDAC) to review
the ANCHOR application to be held on October 16, 2013. The safety results from
the ANCHOR trial are included in the current label for Vascepa.

The ANCHOR study, which evaluated the efficacy of Vascepa in lowering
triglycerides on top of optimized statin therapy for adult mixed dyslipidemia
patients with high triglyceride levels (≥200 to <500 mg/dL), was conducted
under a special protocol assessment, or SPA, agreement with the FDA. An SPA is
generally considered to be binding upon the FDA except in limited
circumstances, such as if the FDA identifies a substantial scientific issue
essential to its determining the efficacy or safety of a drug. Amarin has not
been informed by FDA of any such essential issue. Amarin believes that it
achieved all of the requirements of the SPA agreement. In particular, in the
ANCHOR trial, with Vascepa 4 grams per day, all primary and secondary efficacy
endpoints were achieved, including a reduction in LDL-C levels compared to
placebo. Amarin is optimistic that the FDA will approve Vascepa for this
indication and looks forward to the advisory committee meeting as an
opportunity to highlight the positive safety and efficacy profile of Vascepa.
If approved, Vascepa will be the first drug in its class to be approved for
this multi-billion dollar market opportunity. Approximately one in five adults
in the United States have triglyceride levels of ≥200 mg/dL.

Vascepa exclusivity update

Amarin continues to make significant progress in its effort to expand patent
protection for Vascepa and now has 27 patents issued or allowed in the United
States with over 30 additional U.S. patent applications being prosecuted. This
patent portfolio includes claims covering Vascepa's pharmaceutical composition
and methods of use for the MARINE indication, ANCHOR indication and other
potential uses of Vascepa. Amarin is also pursuing patent applications related
to Vascepa in multiple jurisdictions outside the United States. In May 2013,
the European Patent Office granted a patent covering the use of Vascepa based
on the results from the MARINE trial. All but two of the granted patents in
the United States have expiry dates extending into 2030 and the majority of
U.S. patent applications, if and when allowed, are anticipated to have expiry
dates in or beyond 2030. Patent protection for Vascepa is augmented by
protection provided by trade secrets, existing manufacturing barriers to entry
and anticipated three- or five-year regulatory exclusivity.

REDUCE-IT and other Vascepa-related clinical development

During Q2, the FDA accepted Amarin's sNDA for the ANCHOR indication, a
precondition for which was that the REDUCE-IT cardiovascular outcomes study be
substantially underway. Consistent with Amarin's Special Protocol Assessment
(SPA) agreement, and based on the company's discussions with the FDA, the
company does not believe the final results of the REDUCE-IT study will be
required for FDA approval of Vascepa for the ANCHOR indication, although there
can be no assurance that this will be the case. During Q2, the mean and median
baseline triglyceride levels for patients participating to date in the
REDUCE-IT cardiovascular outcomes study has been confirmed to be >200 mg/dL.
As intended, these are higher baseline TG levels than levels studied in other
recent outcomes trials of other lipid modifying therapies. Results of the
REDUCE-IT study will not be available until a specified number of
cardiovascular events have been observed, the timing of which is not expected
in the near-term.

Financial update

Amarin reported cash and cash equivalents on-hand of $149.4 million at June
30, 2013.On July 12, 2013, Amarin completed a public offering resulting in
additional net proceeds to Amarin of approximately $121.1 million, after
deducting the company's portion of estimated offering expenses, resulting in
aggregate pro forma cash and cash equivalents of $270.5 million as of June 30,
2013.

Vascepa's commercial launch commenced on January 28, 2013 in the United
States.The quarter ended June 30, 2013 is the first full quarter of Vascepa
sales.Amarin reported net product revenues for the quarter ended June 30,
2013 of $5.5 million as compared to revenue of $2.3 million for the quarter
ended March 31, 2013 and no revenues in the corresponding periods of 2012.In
accordance with U.S. Generally Accepted Accounting Principles (US GAAP), and
consistent with Q1 reporting, until the company has more operating history
with the commercialization of Vascepa, it is recognizing revenue based not on
its sales to wholesalers but based on the resale of Vascepa for the purpose of
filling prescriptions.For the six months ended June 30, 2013, the net value
of Vascepa sold to wholesalers was $9.6 million, and, as a result, in addition
to $7.8 million in recognized revenue, Amarin recorded deferred revenue of
$1.8 million at June 30, 2013.Cash collections from the sale of Vascepa in
the quarter ended June 30, 2013 were approximately $6.6 million for a total of
$9.4 million collected from wholesalers since the launch of Vascepa.

Consistent with industry practice, the net price of Vascepa for the six months
ended June 30, 2013 reflects the deduction of one-time discounts paid to
wholesalers to stock Vascepa in advance of Vascepa's launch in January 2013,
as well as the costs of a co-payment rebate card program and customary payor
rebates and allowances.The net price also includes adjustments for other
customary amounts.

Cost of goods sold during the quarter ended June 30, 2013 was $2.8 million as
compared to $1.3 million for the quarter ended March 31, 2013.Gross margin as
a percentage of net revenues improved from 45% to 48% in the second quarter as
compared to the first quarter of 2013.The majority of Vascepa capsules sold
during the six months ended June 30, 2013 included API sourced from a single
API supplier. Amarin's purchases of API from this supplier in 2012 and early
2013 are at higher cost per kilogram than expected future purchases from this
supplier. The unusually high cost of goods, as a percentage of revenue, is
attributable to a number of things including the geographic location of our
suppliers, exchange rate exposures and lower volume and less favorable
economic terms than those with other API suppliers.Amarin expects steady
state gross margin as a percentage of product revenues to approach the high
seventies to low eighties as it increases purchase volumes and sources lower
cost API. In April 2013, sNDAs were approved for two comparatively lower cost
API suppliers, BASF and Chemport Inc. While current inventory is comprised
primarily of inventory from the initial supplier, unless the company secures
substantial price concessions from the initial supplier, it anticipates
shifting a substantial portion of future API purchases to these lower cost
suppliers.

Under U.S. GAAP, Amarin reported a net loss of $39.8 million in the second
quarter of 2013, or basic and diluted loss per share of $0.26. This net loss
included $5.1 million in non-cash, share-based compensation expense, $1.0
million in non-cash, warrant compensation income, and a $18.8 million gain on
the change in the fair value of derivatives. In the second quarter of 2012,
GAAP net loss was $53.9 million, or basic and diluted loss per share of $0.38,
and included $4.8 million in non-cash share-based compensation expense, $1.9
million in non-cash warrant compensation expense, and a $18.9 million loss on
the change in the fair value of derivatives.

For the six months ended June 30, 2013, Amarin reported a net loss of $101.9
million, or basic and diluted loss per share of $0.68. This net loss included
$10.0 million in non-cash share-based compensation expense, $1.5 million in
non-cash warrant compensation income, and a $22.5 million gain on the change
in the fair value of derivatives. For the six months ended June 30, 2012, GAAP
net loss was $142.2 million, or basic and diluted loss per share of $1.03, and
included $8.7 million in non-cash share-based compensation expense, $4.2
million in non-cash warrant compensation expense, and a $85.1 million loss on
the change in the fair value of derivatives.

Excluding non-cash gains or losses for share-based compensation, warrant
compensation and change in value of derivatives, non-GAAP adjusted net loss
was $54.5 million for the three months ended June 30, 2013, or non-GAAP
adjusted basic and diluted loss per share of $0.36, as compared to non-GAAP
adjusted net loss of $28.3 million, or non-GAAP adjusted basic and diluted
loss per share of $0.20 for the same period in 2012. Adjusted net loss was
$115.9 million for the six months ended June 30, 2013, or non-GAAP adjusted
basic and diluted loss per share of $0.77, as compared to non-GAAP adjusted
net loss of $44.1 million, or non-GAAP adjusted basic and diluted loss per
share of $0.32 for the same period in 2012.

Amarin reported cash and cash equivalents decreased in aggregate by $110.8
million from December 31, 2012 as compared to June 30, 2013. Net cash
outflows from operations were $52.8 million in the second quarter of 2013 as
compared to $59.6 million in the first quarter of 2013.As stated previously,
Amarin anticipates its first quarter net cash outflows from operations to be
its highest quarter of net cash outflows from operations during 2013. Amarin
anticipates that it will experience continued reductions in quarterly net cash
outflows from operations with future quarterly results below the results of
the second quarter.

During the six months ended June 30, 2013, net cash outflows included
approximately $48.2 million paid for sales and marketing related expenses in
conjunction with the initial commercial launch of Vascepa, approximately $16.7
million paid in support of the REDUCE-IT cardiovascular outcomes study and
approximately $16.3 million for Vascepa API, purchased in conjunction with the
buildup of commercial supply and for clinical trial material.Of this $16.3
million in API purchases, $3.0 million was included as a component of research
and development expense because it was received from suppliers prior to
qualification by the FDA and the balance was capitalized as inventory.

Amarin's liabilities as of June 30, 2013, excluding the fair value of the
non-cash warrant derivative liability, totaled approximately $273.0 million,
which includes $141.5 million for the carrying value of exchangeable debt and
$86.7 million for the carrying value of the hybrid debt financing that we
entered into in December 2012.

As of June 30, 2013, Amarin had approximately 150.7 million ADSs outstanding
as well as approximately 9.9 million, 11.2 million, and 0.9 million equivalent
shares underlying warrants, stock options, and restricted or deferred stock
units, respectively, at average exercise prices of $1.44, $7.47 and $8.49,
respectively.In addition, $150 million in exchangeable senior notes issued in
January 2012 are exchangeable prior toOctober 15, 2031 into an aggregate of
17.0 million ADSs (based on an initial exchange price of
approximately$8.81per ADS), subject to certain specified conditions. The
notes accrue interest at an annual rate of 3.5%, payable semiannually in
arrears on January 15 and July 15, beginning July 15, 2012. The notes will
mature on January 15, 2032, unless earlier repurchased or redeemed by the
company or exchanged by the holders. In conjunction with Amarin's previously
announced financing in July 2013, Amarin issued 21.7 million additional ADSs.

Amarin's operational priorities

Operational priorities in the second half of 2013 are:

  *Increasing revenues from sales of Vascepa
  *Continuing managed care migration coverage from Tier 3 to Tier 2
  *Ensuring a successful ANCHOR advisory committee meeting 
  *Gaining approval of the ANCHOR indication sNDA; PDUFA date of December 20,
    2013
  *Planning for the successful commercialization of the ANCHOR indication
  *Obtaining additional patent awards from the USPTO
  *Continuing development of a fixed-dose combination of Vascepa and a
    leading statin
  *Submitting an sNDA for a fourth API supplier
  *Publishing additional data from Amarin's clinical trials

Conference call and webcast information

Amarinwill host a conference call at4:30 p.m. EST(8:30 p.m. UTC/GMT)
today,August 8, 2013. To participate in the call, please dial (877) 407-8033
within the United States or (201) 689-8033 from outside the United States. A
replay of the call will be made available for a period of two weeks following
the conference call. To hear a replay of the call, dial (877) 660-6853 (inside
the U.S.) or (201) 612-7415 (outside the U.S.). A replay of the call will
also be available through Amarin's website shortly after the call. For both
dial-in numbers please use conference ID 416486. The conference call can also
be heard live through the investor relations section of Amarin's website
atwww.amarincorp.com.

Use of non-GAAP adjusted financial information

Included in this press release and the conference call referenced above are
non-GAAP adjusted financial information as defined by U.S. Securities and
Exchange Commission Regulation G. The GAAP financial measure most directly
comparable to each non-GAAP adjusted financial measure used or discussed, and
a reconciliation of the differences between each non-GAAP adjusted financial
measure and the comparable GAAP financial measure, are included in this press
release after the condensed consolidated financial statements.

Non-GAAP adjusted net loss was derived by taking GAAP net loss and adjusting
it for non-cash gains or losses for share-based compensation, warrant
compensation, and change in value of derivatives. Management believes that
these non-GAAP adjusted measures provide investors with a better understanding
of the company's historical results from its core business operations. While
management believes that these non-GAAP adjusted financial measures provide
useful supplemental information to investors regarding the underlying
performance of the company's business operations, investors are reminded to
consider these non-GAAP measures in addition to, and not as a substitute for,
financial performance measures prepared in accordance with GAAP. Non-GAAP
measures have limitations in that they do not reflect all of the amounts
associated with the company's results of operations as determined in
accordance with GAAP. In addition, it should be noted that these non-GAAP
financial measures may be different from non-GAAP measures used by other
companies, and management may utilize other measures to illustrate performance
in the future.

About Vascepa®(icosapent ethyl) capsules

Vascepa^®(icosapent ethyl) capsules, known in scientific literature as
AMR101, is a highly pure-EPAomega-3 prescription product in a 1 gram capsule.

Indications and Usage

  *Vascepa (icosapent ethyl) is indicated as an adjunct to diet to reduce
    triglyceride (TG) levels in adult patients with severe (≥500 mg/dL)
    hypertriglyceridemia.
  *The effect of Vascepa on the risk for pancreatitis and cardiovascular
    mortality and morbidity in patients with severe hypertriglyceridemia has
    not been determined.

Important Safety Information for Vascepa

  *Vascepa is contraindicated in patients with known hypersensitivity (e.g.,
    anaphylactic reaction) to Vascepa or any of its components and should be
    used with caution in patients with known hypersensitivity to fish and/or
    shellfish.
  *The most common reported adverse reaction (incidence >2% and greater than
    placebo) was arthralgia (2.3% for Vascepa, 1.0% for placebo).

FULL VASCEPA PRESCRIBING INFORMATION CAN BE FOUND ATWWW.VASCEPA.COM.

Forward-looking statements

This press release contains forward-looking statements, including statements
about the commercial launch of Vascepa, including the number of total
prescriptions to date and the potential for future growth, expectations for
revenue growth, product awareness, receptivity of clinicians to and patient
experience with Vascepa; expectations regarding managed care coverage
migration from Tier 3 to Tier 2 and continued growth in Tier 2 coverage; the
pricing terms of commercial supply for Vascepa; expectations regarding gross
margins and cost of goods sold (COGS); the timing and outcome of FDA decisions
regarding Amarin's sNDA for the ANCHOR indication and regulatory exclusivity;
the efficacy, safety and therapeutic benefits of Vascepa; the ability of
Amarin to develop a fixed-dose combination of Vascepa and a leading statin;
Amarin's ability to obtain sufficient patent protection and regulatory
exclusivity for its product and product candidates, maintain trade secrets,
and take advantage of existing manufacturing barriers to entry; continued
enrollment of patients in Amarin's REDUCE-IT cardiovascular outcomes study;
continued publication of study data; and continued assessment of collaboration
prospects for commercialization of Vascepa. These forward-looking statements
are not promises or guarantees and involve substantial risks and
uncertainties. In particular, as disclosed in its previous filings with the
U.S. Securities and Exchange Commission, Amarin's ability to effectively
commercialize Vascepa will depend in part on its ability to create market
demand for Vascepa through education, marketing and sales activities, to
achieve market acceptance of Vascepa, to receive adequate levels of
reimbursement from third-party payers, to develop and maintain a consistent
source of commercial supply at a competitive price, and to obtain and maintain
patent protection and regulatory exclusivity. Among the factors that could
cause actual results to differ materially from those described or projected
herein include the following: uncertainties associated generally with research
and development, clinical trials and related regulatory approvals; the risk
that Special Protocol Assessment agreements with the FDA are not a guarantee
that FDA will approve a product candidate upon submission; the risk that the
FDA may not complete its review of the ANCHOR sNDA by the PDUFA action date or
grant new chemical entity regulatory exclusivity to Vascepa; the risk that
historical REDUCE-IT clinical trial enrollment and randomization rates may not
be predictive of future results and related cost may increase beyond
expectations; the risk that patent applications may not result in issued
patents, trade secrets may not be maintained and that circumstances that
create manufacturing barriers to entry may not last; the risk that Amarin may
not enter into a collaboration agreement for the commercialization of Vascepa
in the ANCHOR indication under favorable terms or at all or market the ANCHOR
indication successfully on its own; and the risk that publications of
scientific data may not accept proposals to publish Vascepa data. A further
list and description of these risks, uncertainties and other risks associated
with an investment in Amarin can be found in Amarin's filings with the U.S.
Securities and Exchange Commission, including its most recent Quarterly Report
on Form 10-Q.Existing and prospective investors are cautioned not to place
undue reliance on these forward-looking statements, which speak only as of the
date hereof. Amarin undertakes no obligation to update or revise the
information contained in this press release, whether as a result of new
information, future events or circumstances or otherwise.

Vascepa has been approved for use by the FDA as an adjunct to diet to reduce
triglyceride levels in adult patients with severe (>500 mg/dL)
hypertriglyceridemia.Vascepa is under various stages of development for
potential use in other indications that have not been approved by the
FDA.Nothing in this press release should be construed as marketing the use of
Vascepa in any indication that has not been approved by the FDA.

Important information regarding prescriptions data and product revenue

The historical prescription data provided in this press release is based on
data published by a third party as of July 16, 2013. Although Amarin believes
these data are prepared on a period to period basis in a manner that is
generally consistent and that such results are indicative of current
prescription trends, these data are based on estimates and should not be
relied upon as definitive. These data may overstate or understate actual
prescriptions. Based on other data available to Amarin and the history of such
third-party prescription estimates in the early stages of launch of other new
pharmaceutical products, Amarin believes that the trends provided by this
information can be useful to gauge current prescription levels. Amarin
commenced its commercial launch of Vascepa on January 28, 2013. Accordingly,
there is a very limited amount of information available at this time to
determine the actual number of total prescriptions for Vascepa. Amarin
believes that investors should view these data with caution, as data for this
single and limited period may not be representative of a trend consistent with
the results presented or otherwise predictive of future results. Seasonal
fluctuations in pharmaceutical sales, for example, may affect future
prescription trends of Vascepa as could change in prescriber sentiment and
other factors. Amarin believes investors should consider its results during
this quarter together with its results over several future quarters, or
longer, before making an assessment about potential future performance.The
commercial launch of a new pharmaceutical product is a complex undertaking,
and Amarin's ability to effectively and profitably launch Vascepa will depend
in part on its ability to generate market demand for Vascepa through
education, marketing and sales activities, its ability to achieve market
acceptance of Vascepa, its ability to generate product revenue and its ability
to receive adequate levels of reimbursement from third-party payers. See "Risk
Factors—Risks Related to the Commercialization and Development of Vascepa"
included in Part II, Item 1A. Risk Factors in Amarin's most recent Quarterly
Report on Form 10-Q.

Availability of other information about Amarin

Investors and others should note that we communicate with our investors and
the public using our company website (www.amarincorp.com), our investor
relations website (http://www.amarincorp.com /investor-splash.html), including
but not limited to investor presentations and investor FAQs, Securities and
Exchange Commission filings, press releases, public conference calls and
webcasts. The information that we post on these channels and websites could be
deemed to be material information. As a result, we encourage investors, the
media, and others interested in Amarin to review the information that we post
on these channels, including our investor relations website, on a regular
basis. This list of channels may be updated from time to time on our investor
relations website and may include social media channels. The contents of our
website or these channels, or any other website that may be accessed from our
website or these channels, shall not be deemed incorporated by reference in
any filing under the Securities Act of 1933.

CONSOLIDATED BALANCE SHEET DATA
(U.S. GAAP)
Unaudited
                                           
                                           June 30, 2013 December 31, 2012
                                           (in thousands)
ASSETS
Current Assets:                                          
Cash and cash equivalents                   $149,426      $260,242
Restricted cash                             1,400         ----
Accounts receivable                         2,267         ----
Inventory                                   28,514        21,262
Deferred tax asset                          936           937
Other current assets                        2,171         3,253
Total current assets                        $184,714      $285,694
                                                        
Property, plant and equipment, net          706           811
Deferred tax asset                          12,880        8,044
Other non-current assets                    5,335         4,951
Intangible asset, net                       11,032        11,355
                                                        
Total Assets                                $214,667      $310,855
                                                        
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current Liabilities:                                     
Accounts payable                            $9,688        $17,458
Accrued interest payable                    9,555         2,520
Deferred revenue                            1,833         -----
Accrued expenses and other liabilities      14,358        5,224
Total current liabilities                   $35,434       $25,202
                                                        
Long-Term Liabilities:                                   
Warrant derivative liability                36,028        54,854
Exchangeable senior notes                   141,457       134,250
Long-term debt                              86,687        85,153
Long-term debt redemption feature           8,600         14,577
Other long-term liabilities                 795           816
Total liabilities                           $309,001      $314,852
                                                        
Stockholders' Deficit:                                   
Common stock                                124,893       124,597
Additional paid-in capital                  630,565       619,266
Treasury stock                              (217)         (217)
Accumulated deficit                         (849,575)     (747,643)
Total stockholders' deficit                 $(94,334)     $(3,997)
                                                        
Total Liabilities and Stockholders' Deficit $214,667      $310,855


CONSOLIDATED STATEMENTS OF OPERATIONS DATA
(U.S. GAAP)
Unaudited
                                                              
                         Three Months Ended June 30  Six Months Ended June 30
                        (in thousands, except       (in thousands, except
                         per share amounts)         per share amounts)
                        2013          2012          2013         2012
                                                              
Product revenues         $ 5,500       $ ----        $ 7,842      $ ----
OPERATING EXPENSES:                                            
Cost of goods sold       2,844         ----          4,131        ----
Research and development 17,489        14,066        39,327       18,822
(1)
Selling, general and     33,961        13,635        73,228       27,662
administrative (1)
Total operating expenses 54,294        27,701        116,686      46,484
Operating loss           (48,794)      (27,701)      (108,844)    (46,484)
Gain (loss) on change in
fair value of            18,841        (18,930)      22,461       (85,139)
derivative liabilities
(2)
Interest expense, net    (9,345)       (4,317)       (18,205)     (8,268)
Other (expense) income,  (411)         (52)          (536)        16
net
Loss from operations     (39,709)      (51,000)      (105,124)    (139,875)
before taxes
Provision for (benefit   65            2,904         (3,192)      2,314
from) income taxes
Net and comprehensive    $ (39,774)    $ (53,904)    $ (101,932)  $ (142,189)
loss
Loss per share:                                                
Basic and diluted        $ (0.26)      $ (0.38)      $ (0.68)     $ (1.03)
                                                              
Weighted average shares:                                       
Basic and diluted        150,694       140,550       150,562      138,280
                                                              
(1)A substantial portion of the Amarin's marketing, general and
administrative costs represents non-cash warrant based compensation to former
officers. Excluding non-cash stock and warrant based compensation, research
and development expenses were $16,691 and $12,924 for the three months ending
June 30, 2013 and 2012, respectively and selling, general and administrative
expenses were $30,672 and $8,085, respectively, for the same periods.
(2)Non-cash gains and losses result from changes in the fair value of a
warrant derivative liability and long-term debt redemption feature.

The following is a reconciliation of the non-GAAP financial measures used by
Amarin to describe its financial results determined in accordance with United
States generally accepted accounting principles (GAAP).An explanation of
these measures is also included under the heading "Use of non-GAAP adjusted
financial information" above.




RECONCILIATION OF NON-GAAP LIABILITIES
Unaudited
                                                   
                                      June 30, 2013 December 31, 2012
                                      (in thousands)
Current Liabilities:                                
Accounts payable                       $ 9,688       $ 17,458
Accrued interest payable               9,555         2,520
Deferred revenue                       1,833         ----
Accrued expenses and other liabilities 14,358        5,224
Total current liabilities              $ 35,434      $ 25,202
                                                   
Long-Term Liabilities:                              
Warrant derivative liability           36,028        54,854
Exchangeable senior notes              141,457       134,250
Long-term debt                         86,687        85,153
Long-term debt redemption feature      8,600         14,577
Other long-term liabilities            795           816
Total liabilities – GAAP               $ 309,001     $ 314,852
Warrant derivative liability           (36,028)      (54,854)
Total liabilities – non GAAP           $ 272,973     $ 259,998


RECONCILIATION OF NON-GAAP NET LOSS
Unaudited
                                                               
                           Three Months Ended June 30 Six Months Ended June 30
                          (in thousands, except      (in thousands, except
                           per share amounts)        per share amounts)
                          2013          2012         2013         2012
                                                               
Net loss for EPS^1 – GAAP  $ (39,774)    $ (53,904)   $ (101,932)  $ (142,189)
Share based compensation   5,090         4,834        9,963        8,709
expense
Warrant compensation       (1,003)       1,858        (1,455)      4,232
(income) expense
(Gain) loss on change in   (18,841)      18,930       (22,461)     85,139
fair value of derivatives
Adjusted net loss for      (54,528)      (28,282)     (115,885)    (44,109)
EPS^1 – non GAAP
^                                                              
^1 basic and diluted                                            
Loss per share:                                                 
Basic and dilutedEPS –    $ (0.36)      $ (0.20)     $ (0.77)     $ (0.32)
non GAAP
                                                               
Weighted average shares:                                        
Basic and diluted          150,694       140,550      150,562      138,280

CONTACT: Amarin Contact Information:
         Joseph Bruno
         Director, Investor Relations and
         Corporate Communications
         Amarin Corporation plc
         In U.S.: +1 (908) 719-1315
         investor.relations@amarincorp.com

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