Amarin Corporation Appoints Industry Veteran Paul E. Huff as Chief Commercial Officer
-Building a Foundation for Commercializing AMR101-
-Company also Plans to Create US Sales and Marketing Headquarters in New Jersey-
DUBLIN and MYSTIC, Conn., Feb. 2, 2011 /PRNewswire/ -- Amarin Corporation plc (Nasdaq: AMRN), a clinical-stage biopharmaceutical company with a focus on cardiovascular disease, today announced that Paul E. Huff has joined the Company as Chief Commercial Officer. In this role, Mr. Huff is responsible for driving Amarin's AMR101 commercialization strategy, including all marketing and sales planning and implementation, including product launch activities. He will also provide business development support as Amarin evaluates potential strategic partnerships for the commercialization of AMR101.
Mr. Huff brings more than 25 years of cardiovascular-focused pharmaceutical marketing and sales experience to Amarin, with a special emphasis on marketing lipid-modifying prescription pharmaceuticals. He has held senior-level sales and marketing positions with a number of pharmaceutical and biotechnology companies, including Reliant Pharmaceuticals, where as Vice President of Marketing, he played a pivotal role in the launch and successful commercialization of Lovaza, the leading prescription Omega-3 product for reducing triglycerides, and later was a contributor to activities leading to the sale of Reliant Pharmaceuticals for $1.65 billion. Similarly, at Kos Pharmaceuticals he played an integral role in the launch and successful commercialization of Niaspan, the leading prescription drug for raising HDL cholesterol. Mr. Huff received a B.S. in marketing from the University of Maryland.
"Paul brings a wealth of industry knowledge and commercialization experience to Amarin that will be invaluable as we seek to maximize the commercial value of AMR101," said Joe Zakrzewski, Executive Chairman and Chief Executive Officer of Amarin. "Paul played a key role in the commercialization of Lovaza and Niaspan, two of the most successful lipid products launched in the US market. He knows the lipid management markets well and will lead our efforts in preparing for the commercial launch of AMR101."
"I am very excited to join Amarin and I look forward to working with their talented management team on the commercialization of AMR101. Tens of millions of people have high triglycerides and, as such, heightened cardiovascular risk. Current therapies for treating this risk have limitations. I believe that AMR101 substantially overcomes these limitations and thus represents a new generation of triglyceride management. We believe that Amarin's Phase 3 MARINE trial results position AMR101 as potentially a best-in-class prescription drug for the treatment of patients with very high triglycerides, a large market opportunity as demonstrated by Lovaza sales of approximately $1 billion in the U.S. alone. The Company's ongoing Phase 3 ANCHOR trial, targeting patients with high triglycerides who are also receiving statin therapy, has the potential to significantly expand the market opportunity for AMR101," said Mr. Huff.
In addition, the Company announced that it intends to create a U.S. sales and marketing headquarters in New Jersey. The Company's U.S. R&D headquarters will remain in Connecticut.
AMR101 is a semi-synthetic form of ethyl-EPA (ethyl icosapentate) that is being developed as a potentially best-in-class prescription medicine for treating patients with very high triglyceride levels (>500 mg/dL). AMR101 is also being evaluated as a potentially first-in-class therapy for patients with high triglyceride levels (≥200 and <500mg/dL) who are also on statin-therapy for elevated LDL-cholesterol levels. Significant scientific and clinical evidence supports the efficacy and safety of ethyl-EPA in reducing triglyceride levels.
Amarin Corporation plc is a clinical-stage biopharmaceutical company with expertise in lipid science focused on the treatment of cardiovascular disease. The Company's lead product candidate is AMR101, the active ingredient in which is ethyl-EPA (ethyl icosapentate). On November 29, 2010, the Company reported positive top-line results from the MARINE trial, the first of its Phase 3 clinical trials of AMR101. In the MARINE trial, AMR101 was investigated as a treatment for very high triglycerides (>500 mg/dL). AMR101 is presently being investigated in a second Phase 3 clinical trial, the ANCHOR trial, for the treatment of patients with high triglycerides (≥200 and <500mg/dL) who are also on statin therapy. The MARINE trial was, and the ANCHOR trial currently is, conducted under Special Protocol Assessment (SPA) agreements with the U.S. Food and Drug Administration (FDA). Amarin also has next-generation lipid candidates under evaluation for preclinical development.
Investor Contact Information:
Stephen D. Schultz
Investor Relations and Communications
In U.S.: +1 (860) 572-4979 x292
Lee M. Stern
The Trout Group
In U.S.: +1 (646) 378-2922
Media Contact Information:
David Schull or Martina Schwarzkopf, Ph.D.
In U.S.: +1 (212) 845-4271 or +1 (212) 845-4292 (office)
+1 (347) 591-8785 (mobile)
Mark Swallow or David Dible
Citigate Dewe Rogerson
In U.K.: +44 (0)207 638 9571
This press release contains forward-looking statements, including statements about the commercial potential and likelihood of success of Amarin's lead product candidate, AMR101, the potential results of the ANCHOR trial and likelihood of regulatory approval of AMR101 and the ability of the Amarin's management team to successfully launch and commercialize products or enter into a strategic partnership for such launch. These forward-looking statements are not promises or guarantees and involve substantial risks and uncertainties. Among the factors that could cause actual results to differ materially from those described or projected herein are the following: anticipated operating losses and the likely need for additional capital to fund future operations; uncertainties associated generally with research and development, clinical trials and related regulatory approvals; the risk that historical clinical trial results, including the results of the MARINE trial and historical enrolment and randomization rates, may not be predictive of future results; uncertainties relating to the timing of data collection and analysis for the ANCHOR and MARINE trials; dependence on third-party manufacturers, suppliers and collaborators; significant competition; loss of key personnel; and uncertainties associated with market acceptance and adequacy of reimbursement, technological change and government regulation. A further list and description of these risks, uncertainties and other matters can be found in Amarin's filings with the U.S. Securities and Exchange Commission, including its most recent Annual Report on Form 20-F. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company 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.
SOURCE Amarin Corporation plc
CONTACT: Investor Contact Information: Stephen D. Schultz, Investor Relations and Communications, Amarin Corporation, In U.S.: +1-860-572-4979 x292, firstname.lastname@example.org, or Lee M. Stern , The Trout Group, In U.S.: +1-646-378-2922, email@example.com; Media Contact Information: David Schull, firstname.lastname@example.org, or Martina Schwarzkopf, Ph.D., email@example.com, both of Russo Partners, In U.S.: +1-212-845-4271 or +1-212-845-4292 (office), +1-347-591-8785 (mobile), or Mark Swallow or David Dible, Citigate Dewe Rogerson, In U.K.: +44(0)207-638-9571, firstname.lastname@example.org
Posted: February 2011