Amarin To Eliminate 50% Of Its Staff

(RTTNews) - Amarin Corp. (AMRN) said Tuesday that it plans to reduce operating expenses by eliminating about 50% of its staff positions worldwide following the recent recommendation of the U.S. Food and Drug Administration Endocrinologic and Metabolic Drugs Advisory Committee against the potential Vascepa label expansion.

The company said it will continue its dialogue with FDA regarding the ANCHOR data.

As part of the reduction in staffing the company will retain about half of its highest performing sales professionals in targeted geographical areas and pursue continued prescription growth of Vascepa in the current approved indication.

As of September 30, 2013, Amarin had cash, cash equivalents of about $226 million. Amarin anticipates about $3 million in restructuring expense in association with the 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.