Amarin Corp Plc (AMRN)

[DeepBreath]

By SummerStreet Research in May. Dr. Brinton who (supposedly) made these comments later retracted his statement. "I don't know why SummerStreet quoted me as saying that because they're wrong. It's annoying to be misquoted." said Dr. Eliot Brinton

SummerStreet stood by its report in a statement issued to clients Wednesday. "We stand by yesterday's comments and state our story is accurate."

It seems insiders were well aware that the AdCom was going to be negative, just look at AF's confidence regarding this. Would have been nice to be in this circle!!

There was a large primary care conference held in Washington DC last week and attended by approximately 800 primary care providers (doctors and nurse practitioners). The conference is held in a different city almost every week and thus an has audience of tens of thousands of primary care providers every year. During the three day conference there were two lecturers on fish oils. At one lecture, conducted by a member of Amarin's steering committee for its outcome study, said that triglyceride levels above 500 should be treated because they lead to pancreatitis. He said however fish oil is one of many treatments that can lower triglycerides. He also said until the outcome trial is complete there is no reason to give Vascepa to patients with triglyceride levels below 500. Based on this public comment from an Amarin insider, we reiterate our opinion that the FDA will not approve Amarin's Vascepa for triglycerides below 500 until the outcome study is complete. If by chance it does get approved without outcome data we believe sales will be disappointing.