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
>To contact the writer of this article, click here: Adam Feuerstein. >To follow the writer on Twitter, go to http://twitter.com/adamfeuerstein. >To submit a news tip, send an email to: firstname.lastname@example.org.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV