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Amarin (AMRN) Plunges Again on FDA Announcement

By  +Follow October 30, 2013 9:36AM
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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.”

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions.


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Results for AMRN
Zenhunter
22 Oct 14 06:37:44
Sold $INFN and $AMRN to raise cash. Decided not to hold $INFN into earnings.
Stockaholics
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John Alan Tucker
21 Oct 14 11:26:38
@adamfeuerstein You probably saw my comments yesterday, but I suspect it might be another $AMRN IP situation.
Bullrunner911
21 Oct 14 08:21:17
$AMRN question. Why are we not in Europe yet and why not just get anchor approved in Europe. What is mgmt doing. Same size market as USA
JohnCappello
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JohnCappello
20 Oct 14 12:23:01
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20 Oct 14 12:22:47
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ProTrader Mike
20 Oct 14 12:21:54
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ProTrader Mike
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ZeShan
20 Oct 14 10:42:25
$DNDN going below $2 for first time in 15 years and $AMRN rebounding from 1 year low of $1. with 52 week high of $8 which will hit $5 first?
trader j
20 Oct 14 10:41:51
RT @JohnCappello: EPA regenerated anti-oxidative anti-inflammatory functions of HDL, changed dysfunctional HDL into “functional $AMRN htt…
Crazy kid
20 Oct 14 09:58:25
$AMRN Woah! It's a rally!
John Alan Tucker
20 Oct 14 09:25:13
@JasonCRG @hydrogenblimp @Sport234a @AndyBiotech They may have the same situation $AMRN has been struggling with. Weak IP -> no partner
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Amel
20 Oct 14 06:47:04
Last 4 weeks of Vascepa $AMRN 10/10- 9183 TRx 4000 NRx 10/03- 9485 TRx 4154 NRx 9/26 - 9163 TRx 3994 NRx 9/19 - 9230 TRx 4115 NRx
JohnCappello
20 Oct 14 05:45:16
EPA regenerated anti-oxidative anti-inflammatory functions of HDL, changed dysfunctional HDL into “functional $AMRN http://t.co/qA6I9eNrFR
Alysia Sarkisian
20 Oct 14 02:32:40
RT @SeekingAlpha: Update: Amarin Announces Its Q3 2014 Cash Balance http://t.co/gP1QoCno0q $AMRN
Seeking Alpha
20 Oct 14 02:27:14
Update: Amarin Announces Its Q3 2014 Cash Balance http://t.co/gP1QoCno0q $AMRN
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20 Oct 14 00:01:25
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Barboza Lem
19 Oct 14 22:47:39
$AMRN hitting 5 year low of $1 today! Short term Pop coming !?!?!?
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19 Oct 14 10:33:55
$INFU $AMRN $AXGN $GLUU $ISNS $LRAD $NIHDQ $MJNA $PHOT swing trade update =... http://t.co/GND88rR8dp
ProTrader Mike
19 Oct 14 10:33:44
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Richie Rich
19 Oct 14 10:16:29
RT @ProTraderMike: $AMRN like $ARIA is doing now expect this to follow that same pattern
MARK ROTH
18 Oct 14 15:25:45
RT $AMRN Rick Harrison interview. http://t.co/3drH9kV0FG http://t.co/zgglKvfv2s via @YahooFinance
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Ric Mata
18 Oct 14 08:05:55
RT @JohnCappello: EPA (not DHA) shown to inhibit reduce Gallstone formation http://t.co/On6nlUF2dc $AMRN
JohnCappello
18 Oct 14 05:48:26
EPA (not DHA) shown to inhibit reduce Gallstone formation http://t.co/On6nlUF2dc $AMRN
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17 Oct 14 17:56:24
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Chet Stedman
17 Oct 14 16:36:16
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Dr. Zoidberg
17 Oct 14 13:47:06
$AMRN $GSK et al Omega-3 Fatty Acid drug ANDA 505b2 request #FDA denials http://t.co/HKsNh781J6
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eckhart tolle
17 Oct 14 08:10:13
$AMRN curling up
trader j
17 Oct 14 06:59:03
RT @JohnCappello: International Journal of Cardiology: EPA after angioplasty; lessened inflammation, ventricular arrhythmias $AMRN http://t…
trader j
17 Oct 14 06:58:57
RT @JohnCappello: Shameful: 60 sec =1 heart disease death, 600K dead since Adcom 1 year ago today, # of deaths avoided w/ Vascepa? 25K? 50…
wsduckk
17 Oct 14 06:07:20
@Sport234a guess we need to promote a Joe i know of too! JoeZ $AMRN
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17 Oct 14 03:14:39
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By  +Follow October 30, 2013 9:36AM
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