Amarin (AMRN) Slumps as Role of Vascepa Downplayed

May 28, 2013 12:28 PM EDT
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Amarin (Nasdaq: AMRN) is lower Tuesday following news that its Vascepa might not be as key as once thought.

Summer Street pointed out today that a member of Amarin's steering committee presented at a primary care conference last week, saying there was no reason to give Vascepa to patients with triglycerides (TG) <500 mg/dL until the outcome of the trial is completed.

Amarin doesn't see Vascepa getting approved for triglycerides (TG) <500 mg/dL before the outcome of its trial is complete. If approval is granted early, sales are likely to disappoint, said Summer Street.

Last week, Amarin announced that "the United States Patent and Trademark Office (USPTO) has published notification of a Notice of Allowance for Amarin's U.S. Patent Application Serial Number 13/417,899 titled "Pharmaceutical Compositions Comprising EPA and a Cardiovascular Agent and Methods of Using the Same." This application includes claims intended to protect the Vascepa® (icosapent ethyl) indication approved by the U.S. Food and Drug Administration (FDA) based on Amarin's MARINE clinical trial results specifically those results seen in patients on statin therapy."

Amarin isn't rate at Summer Street. Shares are down 6 percent.

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