Amarin cuts 50% of staff after negative FDA decision

US biotech firm Amarin (Nasdaq: AMRN) has announced plans to cut 50% of its staff worldwide after the recent US Food and Drug Administration (FDA)  decided against the potential Vascepa (icosapent ethyl) label expansion.

Amarin will continue its dialogue with FDA regarding the ANCHOR data. Given the outcome of the advisory committee meeting, Amarin said it “feels this shift in staffing is the appropriate corporate action”. It added: “Amarin is grateful to all employees for their significant efforts and contributions to the organization.”

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.