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Equity
12 Months Ended
Dec. 31, 2013
Equity

(10)    Equity

On July 12, 2013, the Company completed a public offering of 21,700,000 ADSs. The underwriters purchased the ADSs from Amarin at a price of $5.60 per ADS, resulting in net proceeds to Amarin of approximately $121.2 million, after deducting estimated offering expenses payable by the Company. Amarin also granted the underwriters a 30-day option to purchase an additional 3,255,000 ADSs, which was not exercised. The stated use of proceeds in connection with this offering were as follows: primarily to continue the commercial launch of Vascepa capsules in the MARINE indication, prepare for and commercially launch Vascepa in the ANCHOR indication, if approved, advance the Company’s REDUCE-IT cardiovascular outcomes trial, and for general corporate and working capital purposes.

During the years ended December 31, 2013 and 2012, as a result of the exercise of stock options the Company issued 386,000 and 3,380,413 shares, respectively, resulting in gross and net proceeds of $0.6 million for the year ended December 31, 2013 and $8.2 million for the year ended December 31, 2012.

 

During the years ended December 31, 2013 and 2012, as a result of the exercise of warrants the Company issued 147,050 and 11,047,579 shares, respectively, resulting in gross and net proceeds of $0.2 million for the year ended December 31, 2013 and $16.7 million for the year ended December 31, 2012.

In August and September of 2013, the Company granted a total of 44,000 restricted stock units (“RSUs”) to several employees under the Amarin Corporation plc 2011 Stock Incentive Plan (“2011 Plan”). These RSUs vest upon the achievement of certain operational milestones. In the year ended December 31, 2013, as a result of the operational milestones not being achieved, all of these RSU’s were forfeited and no shares were issued as a result of vesting. The Company recorded no expense during the year ended December 31, 2013 related to the vesting of these RSUs.

In July 2013, the Company granted a total of 54,000 deferred stock units (“DSUs”) to members of the Company’s Board of Directors under the Amarin Corporation plc 2011 Stock Incentive Plan (“2011 Plan”). As of December 31, 2013, none of these DSU’s were forfeited and no shares were issued as a result of vesting. The DSU’s vest over a three year period. The DSUs will become fully vested upon a change of control of the Company. Upon termination of service to the Company, each Director shall be entitled to a payment equal to the fair market value of one share of Amarin common stock, which is required to be made in shares. The Company recorded expense during the year ended December 31, 2013 of $31 thousand related to the vesting of these DSUs.

In January 2013, the Company granted 454,875 RSUs to several employees under the 2011 Plan. These RSUs vest upon the achievement of certain operational milestones. In the year ended December 31, 2013, as a result of the operational milestones not being achieved, all of these RSU’s were forfeited and no shares were issued as a result of vesting. The Company recorded no expense during the year ended December 31, 2013 related to the vesting of these RSUs.

In February 2012, the Company granted 584,400 RSUs to several employees under the 2011 Plan. As of December 31, 2013, a total of 251,818 RSUs were forfeited. These RSUs vest upon the achievement of certain regulatory and time-based milestones. The RSUs will become fully vested upon a change of control of the Company. Upon vesting of each RSU, the participant shall be entitled to a payment equal to the fair market value of one share of Amarin common stock. The payment shall be paid to the participant in cash, or at the sole discretion of the Compensation Committee in shares or a combination of cash or shares. During the years ended December 31, 2013 and 2012, the Company issued 93,048 and 97,398 shares, respectively, as a result of the vesting of these RSUs. The fair value of the RSUs was determined on the date of grant, and compensation expense related to the RSUs is recognized once the related milestone is deemed probable. During the years ended December 31, 2013 and 2012, the Company recorded expense of $0.3 million and $1.4 million, respectively, related to the vesting of these RSUs.