Updated throughout with new information, including comments from Amarin.
MYSTIC, Conn. ( TheStreet) -- Amarin (AMRN) plans to appeal a "surprise" rejection of a U.S. patent application for the company's experimental drug AMR101 that lowers levels of fat or cholesterol in the blood, a spokesman said Thursday.
Shares of Amarin are down 81 cents, or 6.5%, to $11.58 Thursday amidst a broad and sharp market sell off. The stock also fell 5% Wednesday -- and was down as much as 10% intraday -- after news broke yesterday that the U.S. Patent and Trademark Office (USPTO) issued a "final rejection" notice on an Amarin patent application for AMR101.
While the final rejection notice was posted to the USPTO's web site, Amarin has not yet received a copy of patent office's decision and can't comment on specifics, according to Amarin spokesman David Schull."The posting was a surprise, but a final rejection doesn't mean an ultimate rejection of the patent," said Schull. "The company is waiting to receive the letter and then will address the USPTO's concerns. This is part of the back-and-forth patent process and Amarin has a significant intellectual property portfolio
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