NEW YORK (TheStreet) -- Shares of Amarin  (AMRN) - Get Amarin Corporation Plc Sponsored ADR Report plunged 23.76% to $1.38 Friday after the company announced that the FDA denied its appeal to reinstate Special Protocol Assessment status on a phase III study of the company's prescription fish-oil pill Vascepa.

John Jenkins, the head official in the FDA's Office of New Drugs, denied the appeal. This is the third time Amarin has been rejected when appealing for the SPA for Vascepa. Amarin said it is considering its next move.

More than 8.1 million shares had changed hands as of 11:34 a.m., compared to the average volume of 2,348,200.

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