Amarin Cuts Staff Following FDA Vote - Pharmaceutical Technology

Latest Issue
PharmTech

Latest Issue
PharmTech Europe

Amarin Cuts Staff Following FDA Vote


Amarin, a biopharmaceutical company focused on the commercialization and development of therapeutics to improve cardiovascular health, plans to reduce operating expenses by eliminating approximately 50% of its staff positions worldwide. The staff reduction follows the recent recommendation of the FDA Endocrinologic and Metabolic Drugs Advisory Committee against the potential Vascepa (icosapent ethyl) label expansion, the company announced in a press release. Amarin is headquartered in Dublin, Ireland, and the company’s US office is located in Bedminster, N.J.

As part of the reduction in staffing the company will retain approximately half of its highest performing sales professionals in targeted geographical areas and pursue continued prescription growth of Vascepa in the current approved indication. This optimized team will cover the target base of physicians responsible for the vast majority of Vascepa prescription volume and growth since its launch in early 2013. With this optimization and resulting target base coverage, Amarin anticipates continued Vascepa revenue growth over time. 

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 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.

Source:
Amarin

ADVERTISEMENT

blog comments powered by Disqus
LCGC E-mail Newsletters

Subscribe: Click to learn more about the newsletter
| Weekly
| Monthly
|Monthly
| Weekly

Survey
What role should the US government play in the current Ebola outbreak?
Finance development of drugs to treat/prevent disease.
Oversee medical treatment of patients in the US.
Provide treatment for patients globally.
All of the above.
No government involvement in patient treatment or drug development.
Finance development of drugs to treat/prevent disease.
28%
Oversee medical treatment of patients in the US.
12%
Provide treatment for patients globally.
9%
All of the above.
45%
No government involvement in patient treatment or drug development.
7%
Jim Miller Outsourcing Outlook Jim MillerCMO Industry Thins Out
Cynthia Challener, PhD Ingredients Insider Cynthia ChallenerFluorination Remains Key Challenge in API Synthesis
Marilyn E. Morris Guest EditorialMarilyn E. MorrisBolstering Graduate Education and Research Programs
Jill Wechsler Regulatory Watch Jill Wechsler Biopharma Manufacturers Respond to Ebola Crisis
Sean Milmo European Regulatory WatchSean MilmoHarmonizing Marketing Approval of Generic Drugs in Europe
Seven Steps to Solving Tabletting and Tooling ProblemsStep 1: Clean
Legislators Urge Added Incentives for Ebola Drug Development
FDA Reorganization to Promote Drug Quality
FDA Readies Quality Metrics Measures
New FDA Team to Spur Modern Drug Manufacturing

Click here