DUBLIN, Ireland and BRIDGEWATER, N.J., July 18, 2023 (GLOBE NEWSWIRE) -- Amarin
Corporation plc (NASDAQ: AMRN) today announced that the Company's Board of
Directors has appointed Patrick Holt as President and Chief Executive Officer
and as a member of the Board of Directors, effective immediately. Aaron Berg,
who served as Interim President and CEO since April 2023, will remain with the
Company in a senior leadership role.
Mr. Holt brings more than 25 years of leadership in the life sciences industry
and significant international operating experience. He most recently served as
president of Cordis, Cardinal Health's global interventional cardiovascular
business where he led a turnaround of the business, followed by a transaction
process which led to its successful sale. Mr. Holt previously held a variety of
senior executive positions across biopharmaceuticals and vaccines at Allergan
and Merck.
"We are excited to welcome Pat as our new CEO," said Odysseas Kostas, M.D., the
Chairman of the Board. "Pat's international and cardiovascular business
experience and track record of turnaround success are exactly what the Company
needs at this critical time. The Board looks forward to working with Pat to
continue to put Amarin on the best path to maximizing shareholder value."
Mr. Holt said, "The science at Amarin is compelling and aligned to a significant
unmet need, and VASCEPA(®)/VAZKEPA(®) maintains meaningful untapped value given
its clinical profile and proven cardiovascular risk reduction and outcomes.
Decisive action is needed to realize Amarin's full potential, and alongside the
entire Amarin team, I am committed to realizing the opportunities inherent in
the business to maximize value for patients, physicians, payors and
shareholders. I look forward to working with the Board and leadership team as we
evaluate and execute on all opportunities to enhance value."
Dr. Kostas concluded, "On behalf of the Board, I want to thank Aaron for
stepping up to lead when he did, working tirelessly over the last few months
toward strengthening the Company's global operations. We look forward to him
continuing to contribute in an important way at Amarin."
About Patrick Holt
Patrick Holt most recently served as president of Cordis, Cardinal Health's
global interventional cardiovascular business and as member of Cardinal Health
Inc's global operating committee. In this role, Mr. Holt led a successful
turnaround that included a return to revenue growth, a refocused R&D strategy,
as well as sustained enhancements in operational effectiveness delivering margin
expansion. Subsequently, he led the transaction process which culminated in the
sale of Cordis to Hellman & Friedman in 2021 for an enterprise value in excess
of $1 billion. He also previously served as president of Cardinal Health in
Asia-Pacific. Prior to his time at Cardinal Health, he served in a variety of
senior executive positions across biopharmaceuticals and vaccines at Allergan
and Merck. Mr. Holt is an independent non-executive director and audit committee
member of Hugel, Inc., a publicly listed biopharmaceutical company and global
leader in medical aesthetics. He earned a bachelor's degree in biochemistry and
chemistry from Monash University, Australia and is a graduate of Harvard
Business School.
About Amarin
Amarin is an innovative pharmaceutical company leading a new paradigm in
cardiovascular disease management. Amarin is committed to increasing the
scientific understanding of the cardiovascular risk that persists beyond
traditional therapies and advancing the treatment of that risk for patients
worldwide. Amarin has offices in Bridgewater, New Jersey in the United States,
Dublin in Ireland, Zug in Switzerland, and other countries in Europe as well as
commercial partners and suppliers around the world.
Forward-Looking Statements
This press release contains forward-looking statements, within the meaning of
U.S. securities laws, including, but not limited to, expectations regarding
Amarin's financial performance, metrics, and initiatives, including its 2023
revenues, operating expenses, supply purchases, negotiations and settlements,
product prescriptions and managed care coverage, continued savings from cost-
cutting initiatives that is currently exceeding initial targets, and Amarin's
overall ability to continue to deliver stable revenues and cash position from
its U.S. business; beliefs about the timing and outcome of international
commercial partnerships, regulatory filings, reviews, recommendations,
approvals, and related reimbursement decisions and commercial launches of
VASCEPA/VAZKEPA outside of the U.S.; beliefs that Amarin's current resources are
sufficient to fund projected operations; and beliefs about the overall world-
wide market potential and success of VASCEPA/VAZKEPA generally. These forward-
looking statements are not promises or guarantees and involve substantial risks
and uncertainties. A 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 Amarin's
most recent quarterly report on Form 10-Q for the quarter ended March 31, 2023.
Existing and prospective investors are cautioned not to place undue reliance on
these forward-looking statements, which speak only as of the date they are made.
Amarin undertakes no obligation to update or revise the information contained in
its forward-looking statements, whether as a result of new information, future
events or circumstances or otherwise. Amarin's forward-looking statements do not
reflect the potential impact of significant transactions the company may enter
into, such as mergers, acquisitions, dispositions, joint ventures or any
material agreements that Amarin may enter into, amend or terminate.
Availability of Other Information About Amarin
Investors and others should note that Amarin communicates with its investors and
the public using the company website (www.amarincorp.com), the investor
relations website (amarincorp.gcs-web.com), including but not limited to
investor presentations and investor FAQs, U.S. Securities and Exchange
Commission filings, press releases, public conference calls and webcasts. The
information that Amarin posts on these channels and websites could be deemed to
be material information. As a result, Amarin encourages investors, the media,
and others interested in Amarin to review the information that is posted on
these channels, including the investor relations website, on a regular basis.
This list of channels may be updated from time to time on Amarin's investor
relations website and may include social media channels. The contents of
Amarin's website or these channels, or any other website that may be accessed
from its website or these channels, shall not be deemed incorporated by
reference in any filing under the Securities Act of 1933.
Amarin Contact Information
Investor Inquiries:
Jordan Zwick
Amarin Corporation plc
IR@amarincorp.com
Media Inquiries:
Mark Marmur
Amarin Corporation plc
PR@amarincorp.com
Â