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Amarin (AMRN) Plunges Again on FDA Announcement

By  +Follow October 30, 2013 9:36AM
Tickers Mentioned:

Amarin Pharmaceuticals (AMRN) took another hit Wednesday during a year that’s been a rough one for the company as a whole. Amarin was off over 14 percent in trading on Wednesday after the FDA told the company on Tuesday that its triglyceride-reducing drug, Vascepa, didn’t show strong enough results to merit approval.

Vascepa Fails to Show Results

The FDA contacted Amarin after market-close on Tuesday to report that Vascepa failed to reduce triglycerides enough to be marketed to patients for reducing the risk of cardiovascular disease. Vascepa is a prescription-strength supplement that uses Omega-3 fatty acids from fish oils. The drug was approved in 2012 for use in some patients with unusually high triglyceride levels, but the FDA reversed that ruling on Tuesday, sending shares lower.

This comes just two weeks after an FDA panel voted against approval of Vascepa and called for a lengthy and expensive study on the drug’s ability to prevent cardiovascular events like heart attacks, a decision that came as a surprise for many. The decision prompted Amarin to cut staff and prompted a nearly 60 percent decline in the company’s stock.

A Tough Year for Amarin

Today’s hit is a bad one. But in a year that’s seen shares plunge over 85 percent since Halloween in 2012, it’s probably not going to register for any long-time Amarin stockholders. The company has few options other than to continue running losses while engaging in the lengthy Vascepa study without a clear sense that there’s a light at the end of the tunnel.

With the layoffs last week, Amarin’s situation appears bleak, though not entirely unmanageable. Amarin believes that it has the cash on hand to make it through the next few years without raising additional capital.

“As of September 30, 2013, Amarin had cash, cash equivalents of approximately $226 million,” the company announced last Tuesday. “Amarin anticipates approximately $3 million in restructuring expense in association with this reduction in staffing. The company currently expects its cash burn for 2014 to be less than $80 million. The company has no plans for raising additional capital at this time. Amarin intends to continue its evaluation of priorities, opportunities and savings opportunities, including clinical trial costs. The company plans to provide additional details of its future spending and operational expectations in connection with its upcoming quarterly report.”

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Results for AMRN
6 Oct 15 22:02:41
$AMRN form 4: EVP General Counsel Joe Kennedy began vesting 100K granted RSUs on Oct 5 for "achievement of certain performance criteria"
6 Oct 15 21:08:10
Tuesday thought on $DMRC, $AMRN, $AKAO, $ONCY, $BIOC, $ARTH http://t.co/pTDVTcWBRK http://t.co/b5EsTSdemE
6 Oct 15 20:37:16
RT @tradingmy2cents: Monday thought on $DMRC, $AMRN, $AKAO, $ONCY, $BIOC, $ARTH http://t.co/780mKt3Y8j http://t.co/VxsqBh2Ejj
6 Oct 15 14:52:36
1st amendment appeal deadline was due today. As expected looks like no appeal forthcoming. Joint letter re: settlement talks due 10/30 $AMRN
6 Oct 15 14:26:43
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6 Oct 15 13:37:03
$AMRN: New Insider Transaction on AMRN by General Counsel: http://t.co/z8RYvficrD
Insider Alerts
6 Oct 15 13:36:10
NEW insider transaction on $AMRN reported a moment ago: http://t.co/kdtCbCAIv4
6 Oct 15 13:34:03
$AMRN - Statement of Changes in Beneficial Ownership (4) http://t.co/csJND4w10c
6 Oct 15 12:02:52
$AMRN dont worry guys mgmt. is focusing on reduce it for a few more years sitting around the office. I got all the time in the world!
6 Oct 15 10:29:49
#AHAMeetings Fasting TG Are Independently Associated With Subclinical Atherosclerosis: The ELSA-Brasil Study http://t.co/5B5yV1BLdF $AMRN
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6 Oct 15 09:32:53
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6 Oct 15 09:21:36
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brian sweetheart
6 Oct 15 08:10:27
Check out this video of a 9:30 AM alert. Sweet. https://t.co/rjbupErnoO $FNMA $FRO $AMRN $RCAP $COWN $ARTH $IRET
Greg David
6 Oct 15 07:37:26
Wall Street
6 Oct 15 07:27:30
6 Oct 15 07:22:49
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6 Oct 15 06:38:09
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6 Oct 15 05:49:33
RT @JohnCappello: EPA, not DHA, prevents fibrosis in pressure overload induced heart failure $AMRN http://t.co/9nZIxh3mmj
6 Oct 15 05:09:34
polyunsaturated fatty acids amend palmitate-induced inflammation & insulin resistance in mouse C2C12 myotubes. $AMRN http://t.co/F6ryvkhExb
6 Oct 15 05:03:36
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6 Oct 15 04:56:51
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6 Oct 15 04:53:57
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6 Oct 15 04:31:24
Study published: EPA chemo-preventive effect on Myeloid Leukemia $AMRN http://t.co/AyzuoyLrCx
6 Oct 15 02:45:35
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6 Oct 15 02:40:16
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Investors Hangout
6 Oct 15 02:31:13
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6 Oct 15 02:28:48
nasdaqfan : AMRN Amarin Corp. PLC ADS E.P.S. http://t.co/K8GDmwq3K8 $AMRN $GORO $TLT $E… http://t.co/Q8x4I7ildG) http://t.co/1JdBxUn1eA
6 Oct 15 02:28:06
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5 Oct 15 20:32:53
Monday thought on $DMRC, $AMRN, $AKAO, $ONCY, $BIOC, $ARTH http://t.co/780mKt3Y8j http://t.co/VxsqBh2Ejj
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5 Oct 15 20:01:08
$AMRN: Amarin Co. plc Trading Down 1.9% (AMRN): http://t.co/lvaGy07Swx
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5 Oct 15 19:56:40
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5 Oct 15 18:13:59
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5 Oct 15 17:08:37
5 Oct 15 16:29:07
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5 Oct 15 16:28:46
RT @tradingmy2cents: Thursday day thought on $DMRC, $AMRN, $AKAO, $ONCY, $BIOC, $ARTH http://t.co/RObm0rp39x http://t.co/yqBRb3djb5
5 Oct 15 13:59:13
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5 Oct 15 08:43:21
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5 Oct 15 08:43:14
RT @JohnCappello: Could Bipolar disorder constitute another off label opp? $AMRN http://t.co/AdjvH70fDK Sounds like it is possible. AMRN!!!
5 Oct 15 07:42:33
$AMRN Mgmt excuse is " we are focusing on reduce it 1.5 years ago " In a partnership the other company would be doing the lifting. Dumb!
By  +Follow October 30, 2013 9:36AM



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