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Amarin's Stock Drops on Plan to Sell Heart Drug Vascepa Alone

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Investors hoped the drug maker would find a buyer or at least a marketing partner for launch of drug derived from pure fish oil.

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MINYANVILLE ORIGINAL Shares of Amarin (NASDAQ:AMRN) are falling after the drug maker said it will hire a sales force to market its heart medicine derived from pure fish oil rather than partner with another company. Amarin says it is still exploring a strategic partner or outright sale of the company.

Amarin says it will hire as many as 300 sales representatives to launch the drug Vascepa in the US during the first quarter of 2013. The announcement, made late in the day Thursday, also detailed a $100 million financing the company arranged through an investment fund.

The company's shares dropped 20% to $9.60 in early trading Friday. The stock is down by more than a third in the past three months.

The company is awaiting a decision from US officials on market exclusivity for the drug, a treatment that's more potent than over-the-counter fish oil products. Vascepa aims to lower triglycerides, a type of fat, in blood.

(See also: Investors Still Waiting for Decision on Amarin Fish-Oil Drug Exclusivity.)

Twitter: @brettchase

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No positions in stocks mentioned.
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