If swallowing medicinal-grade fish oil pills lowers blood levels of harmful lipids, raises good cholesterol while not elevating levels of bad cholesterol, then pills filled with krill oil -- derived from crushing those tiny, shrimp-like crustaceans that whales eat by the ton -- might be just as good if not better.Neptune admirers see the company as the next Amarin (AMRN), which investors have bid up to great heights based on the blockbuster potential of AMR101, a new medicinal-grade fish oil, or Ethyl EPA, pill that will soon be filed with U.S. regulators. Neptune is developing a pharmaceutical-grade krill oil pill. A small study showed krill oil to be superior to fish oil in lowering lipids and bad cholesterol but it was published in an alternative medicine journal in 2004 so basically, no one believes the results. Neptune is planning to conduct a new phase II study of its krill oil pill with results expected next year. On top of that, Neptune operates a profitable nutraceutical business that sells a consumer formulation of krill oil, with revenue of $16.7 million in its last fiscal year. Neptune is also partnering with food companies to have krill oil added as a nutritional ingredient.