Amarin acquires global license to novel nasal Lorazepam formulation

Amarin Corporation in the UK has acquired a global license to develop and market a novel, nasal lorazepam formulation for the out-patient treatment of emergency seizures in epilepsy patients, specifically status epilepticus (SE) and acute repetitive seizures (ARS).

This formulation uses patent protected NanoCrystal technology from Elan Corporation.

SE and ARS have an estimated annual incidence in the US of 150,000 cases and up to 400,000 patients. There are approximately 40,000 deaths in the US each year associated with such emergency seizures.

Rick Stewart, ceo of Amarin, said: The potential of this nasal lorazepam opportunity is significant in addressing this unmet medical need. A nasal product for seizure emergencies in the out-patient setting for epilepsy patients would represent an important treatment option. We believe the potential annual sales for such a product could be up to $300m in the US. We are very excited about this opportunity as it fits neatly into Amarin's neurology focused strategy..

Diazepam rectal gel is the only treatment currently approved by the US FDA for seizure emergencies in the out-patient setting. Consequently, an opportunity exists for the development of a product with a more convenient route of administration permitting broader out-patient treatment of SE and ARS in both children and adults.

Amarin will pay Elan success-based development, filing and approval milestones totalling $5.2 m plus royalties on net sales. There is no initial license payment. It will also pay a third party, Neurostat Pharmaceuticals, a finder's fee and similar payments comprising upfront and contingent milestones totalling $0.6 m plus warrants to purchase 175,000 Amarin shares with an exercise price of $1.79 per share.