Amarin Corporation plc (ADR)(NASDAQ:AMRN) reported that it is giving a contractual notice to holders of the due 3.50% Exchangeable Senior Notes to be payable in 2032 of its wholly owned subsidiary firm, Corsicanto Designated Activity Co. Out of the mentioned Notes, the principal amount of nearly $15.1 million is due, that they can surrender their “Notes” for repurchase by the Issuer following their existing option under the Indenture leading the Notes, dated January 9, 2012.

The highlights

The Optional Put allows each holder of the “Notes” to necessitate the Issuer to buy all or any part of such Notes on January 19, 2017 for cash at a buy price equal to 100% of the principal sum of the Notes, plus unpaid and accrued interest thereon up to, but discounting, the Repurchase Date.

The prospect for each holder of the “Notes” to exercise the Optional Put is planned to start on January 18, 2017, which is the working day immediately previous to the Repurchase Date. In attempt to use the Optional Put and obtain the Repurchase Price, or pull out Notes earlier surrendered, a holder need to follow the processes presented in the Optional Put Company Notice. It is being offered to all holders of the “Notes.”

None of the firm, the Issuer or the firm’s employees or board of directors has made or is presenting any recommendation or representation as to whether or not any owner should surrender any Notes.

It’s been a rough couple of years for the company and its investors. The firm invested considerable R&D funds and measures to get Vascepa sanctioned for the broad patient population and was banned by the FDA on the basis of utilizing a surrogate objective in the study. Amarin’s solution for this issue is the long-term REDUCE-IT study, which should represent that Vascepa as an additional treatment to statin treatment is effective in minimizing the risk of a cardiovascular occurrence in a high-risk patient population against statin therapy alone.

In the last trading session, the stock price of Amarin gained more than 4% to close the day at $3.11.