Amarin Sinks to 9-Month Low On Another NCE Delay
BOSTON (TheStreet) -- The last chance Amarin (AMRN) had to end 2012 on a positive note slipped away Friday after the U.S. Food and Drug Administration once again delayed a decision on the length of Vascepa's market exclusivity.
Amarin bulls were hoping FDA's Orange Book December update would include granting of New Chemical Entity (status) for Vascepa and the five years of market exclusivity that goes with the designation.
Instead, FDA said nothing for the fifth straight month, six if you include the Vascepa's failure to garner NCE status immediately upon the lipid-lowering drug's approval in late July.
Amarin shares closed Friday at $8.84, the stock's lowest level in nine months. Amarin has lost 42% of its value since Vascepa was approved on July 26.
With no partner or suitor in site, Amarin will now attempt a solo commercial launch of Vascepa in the U.S., beginning early next year.
-- Reported by Adam Feuerstein in Boston.