Entrepeneur Dr Tony Ryan is to invest a further $2 million (€1.6 million) into the biopharmaceutical company Amarin.
The company said last night it had entered into a definitive purchase agreement with Dr Ryan for a private equity placement. As part of the deal, Amarin will sell 800,000 shares at $2.50 per share and issue warrants to purchase another 280,000 shares at $3.06 per share.
Dr Ryan is an existing shareholder, having bought shares in May 2005. Dr Ryan is a director of Ryanair and founder and former chairman of GPA plc, the aviation leasing company. Dr Ryan also served as executive chairman of GE Capital aviation services.
Tom Lynch, the company's chairman, said: "We are delighted to have Dr Ryan as an investor and greatly appreciate his continued support".
Amarin recently concluded a $26.4 million financing which will fund its ongoing activities in the US and EU. A phase three trial of a potential Huntington's disease drug is continuing.
The company is also completing a licensing deal for a development programme for multiple sclerosis. The company recently announced promising results from its pre-clinical program aimed at combating Parkinson's disease.
Amarin is a neuroscience company focused on the research, development and commercialisation of novel drugs for the treatment of the central nervous system. Miraxion, Amarin's lead development compound, is in phase three development for Huntington's Disease. Mr Lynch built up long experience in the industry as a senior executive with Elan.
The company's chief executive, Rick Stewart, said: "We look forward to building on these significant developments thro-ughout 2006".
