Amarin announces board member departure ahead of annual meeting

Published 28/03/2025, 21:56
Amarin announces board member departure ahead of annual meeting

Amarin Corporation plc (NASDAQ:AMRN), a pharmaceutical company currently valued at $194 million, disclosed today that board member Mark DiPaolo will not seek re-election and will step down following the company’s 2025 Annual Meeting of Shareholders scheduled for May. The announcement followed a notice received by the company on Monday, where DiPaolo confirmed his decision to leave the board.

DiPaolo’s departure is not due to any disagreements with Amarin regarding its operations, policies, or practices, as clarified in the company’s SEC filing. The company, headquartered in Dublin, Ireland, specializes in the development of therapeutics to improve cardiovascular health and is known for its primary product, a prescription fish oil derivative. According to InvestingPro data, Amarin maintains strong financial flexibility with a current ratio of 3.31, indicating solid short-term liquidity. Get access to 7 more exclusive InvestingPro Tips and comprehensive analysis with a subscription.

The news comes without any immediate indication of a successor to DiPaolo or changes to the board’s composition. Amarin has not provided further details on the reasons behind DiPaolo’s decision or on how his departure might affect the company’s strategic direction or governance.

DiPaolo’s tenure on the board will conclude with the upcoming annual meeting, marking the end of his service that has spanned several years. The company’s filing did not specify the length of DiPaolo’s service on the board.

Amarin’s stock, which is traded on the Nasdaq Stock Market, may see investor reaction to this corporate governance update. The stock, currently trading at $0.44, has shown significant volatility with a 48% decline over the past year. InvestingPro analysis indicates the company faces near-term challenges, with analysts anticipating a sales decline this year. Investors should note that the next earnings report is scheduled for April 30, 2025.

The information regarding this corporate event is based on a press release statement and is intended to provide shareholders and the public with key facts surrounding the board member’s upcoming departure. For deeper insights into Amarin’s financial health, performance metrics, and expert analysis, access the comprehensive Pro Research Report available exclusively on InvestingPro.

In other recent news, Amarin Corporation reported its fourth-quarter 2024 earnings, revealing a better-than-expected earnings per share (EPS) of -0.02, surpassing the forecast of -0.05. However, the company experienced a decline in total net revenue, which fell to $62.3 million from $74.7 million in the same quarter the previous year. Despite the positive EPS, the revenue decline, particularly in the U.S. market, has raised concerns among investors. Amarin maintains a strong cash position with $294 million and no debt, which provides a solid financial foundation.

In addition, Amarin announced plans to present new data on its cardiovascular drug, VASCEPA, at the upcoming American College of Cardiology Annual Scientific Session & Expo. This research highlights the potential benefits of combining the active ingredient, eicosapentaenoic acid (EPA), with other therapies. Meanwhile, major shareholders, including JEC Capital Partners (WA:CPAP), have called on Amarin’s Board of Directors to conduct a strategic review to maximize shareholder value. Shareholders are urging the Board to consider transactions that reflect the company’s net cash position and its patent-protected international business.

Furthermore, Amarin recently implemented a 1-for-20 reverse stock split of its American Depositary Shares, a move that has historically been viewed unfavorably by the market. Despite these developments, Amarin’s patent protection for VASCEPA in Europe has been extended to 2039, securing future market opportunities.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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