Amarin Corporation plc (ADR) (AMRN) Stocks Plummet After SPA Denial from FDA

Amarin Corporation plc (ADR) (AMRN)

The shares of Amarin Corporation plc (ADR) (NASDAQ:AMRN) fell as much as 17.68% after its announcement about the denial of its FDA rescission of the ANCHOR clinical trial Special Protocol Assessment (SPA) agreement. The Office of New Drugs (OND) working under the Food and Drug Administration Department (FDA) denied Amarin Corporation plc (ADR) (NASDAQ:AMRN)’s appeal.

Earlier, Amarin Corporation said that the company is hopeful about the result and it is likely to get SPA agreement reinstatement considering its scientific and legal appeals. As of now, Amarin Corporation believes that reinstatement of the SPA agreement and approval derived from the indication based upon ANCHOR clinical trials is in favor of patient care. The Food and Drug Administration has not issued response against the pending new ANCHOR supplemental drug from Amarin Corporation plc (ADR) (NASDAQ:AMRN). The company is said to be planning its next move in the matter.

Amarin Corporation plc (ADR) (AMRN)

As mentioned by TheStreet team, more than 8.1 million shares of the company were exchangedbefore 11:34 am on Friday unlike the regular 2,348,200 shares. Earlier, Amarin Corporation plc (ADR) (NASDAQ:AMRN) reported net revenue of $12.6 million for the second quarter 2014 as compared to $5.5 million in the same quarter last year. The company had cash and cash equivalents worth $150.5 million at the end of the quarter. Vascepa® was the primary source of revenue amounting to $12.6 million with a 129% increase from the same quarter last year.

Amarin Corporation plc (ADR) (NASDAQ:AMRN) had a growth in prescription during the quarter and witnessed an increase in managed care coverage. Further, the company launched a new promotion for Vascepa in association with Kowa Pharmaceuticals America, Inc. Amarin has a net market cap of $259.46 million.

This article has been written by Prakash Pandey and edited by Serkan Unal.

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