Amarin Receives Extension to Meet Nasdaq Listing Standards
mitted to addressing the global unmet need for cardiovascular disease treatment.
Amarin Corporation, a pharmaceutical company listed on the Nasdaq under the ticker symbol “AMRN,” recently received an extension from Nasdaq to meet the exchange’s minimum bid price requirement. With this extension, Amarin has until May 19, 2025, to bring its American Depositary Shares (ADS) closing bid price to at least $1.00 for ten consecutive business days. This extension provides Amarin with additional time to address its non-compliance with the minimum bid price rule and avoid delisting.
To comply with Nasdaq’s requirements, Amarin’s ADS will be transferred from the Nasdaq Global Market to the Nasdaq Capital Market starting Monday. Despite exploring options like a potential reverse stock split, Amarin has emphasized that compliance is not guaranteed, and there is a risk of delisting. The company continues to monitor its share price closely, acknowledging the challenges it faces in meeting Nasdaq’s stringent regulations.
In recent updates, Amarin reported a decrease in third-quarter revenue for 2024, attributed to heightened competition from generic drugs in the U.S. market. Despite this, the company maintains a strong market share in the IPE market and is focused on expanding access to its cardiovascular disease treatment, VASCEPA/VAZKEPA, particularly in Europe. The financial report also revealed a GAAP net loss of $25.1 million, mainly due to lower U.S. product revenues and a drop in gross margin to 38%.
However, Amarin’s financial position remains stable with $306 million in cash and investments. The company is actively seeking partnerships in Australia and China to support its international growth initiatives. These strategic moves demonstrate Amarin’s commitment to navigating the competitive market landscape and ensuring a solid market presence.
Looking ahead, Amarin has scheduled a virtual analyst and investor event for November 14th to discuss its growth strategies. Despite facing challenges, the company remains dedicated to addressing the global need for cardiovascular disease treatments. Investors interested in a more comprehensive analysis of Amarin’s financial situation can explore additional tips provided by InvestingPro to gain valuable insights beyond the Nasdaq compliance issue.
