Amarin's Sad And Lonely Vascepa Launch Party

BEDMINSTER, NJ ( TheStreet) -- Amarin ( AMRN) held a Vascepa launch conference call tonight. Unfortunately, Amarin should have done this call on July 27, the day after the lipid-lowering prescription fish-oil pill was approved.

Launching any drug is hard. Launching a drug 133 days after it was approved is really hard. Yet that's the deep hole Amarin management has dug for itself after wasting precious time on a quixotic quest to land a Big Pharma marketing partner (or even sillier) a takeout suitor.

On Thursday night, Amarin announced plans to raise $100 million in debt financing and the intention to hire 250-300 sales representatives. This is the dreaded Vascepa "go it alone" launch strategy.

Once the news hit the tape, Amarin shares fell 21% to $9.43 in Thursday's after-hours trading session. The stock closed regular trading at $11.95.

On a brief conference call, Amarin CEO Joe Zakrzewski tried his best to put an upbeat spin on the bad news. He reiterated his previous claims that "all options are still on the table" and "partner discussions were still active."

So active that Amarin needed to raise $100 million in debt?

On the never-ending topic of Vascepa's New Chemical Entity (NCE) status, Zakrzewski insisted Amarin still had no idea how or when the FDA would issue a ruling. An update of the Orange Book is expected next week and Amarin bulls were hoping to get some positive news.

Zakrzewski called the lack of an NCE decision an "overhang" for the company but also "much ado about nothing." He didn't bother to explain how something could be both negative and irrelevant, but then, common sense is in short supply at Amarin HQ.

Even if FDA does grant NCE status to Vascepa, it's hard to see how it matters now. Amarin clearly has no serious interest from potential suitors or partners. The Amarin bulls who believed last month's delayed decision to hire a sales force signaled a pending deal were very wrong.

Not everyone is mired in the gloom. Amarin shorts are happy, but so are Zakrzewski and the other executives who sold millions of dollars in company stock right after Vascepa was approved. Those insider sales in the $13-14 range look even smarter tonight.

Amarin bulls are kicking themselves for not following Zakrzewski's lead.

-- Reported by Adam Feuerstein in Boston.

Adam Feuerstein writes regularly for TheStreet. In keeping with company editorial policy, he doesn't own or short individual stocks, although he owns stock in TheStreet. He also doesn't invest in hedge funds or other private investment partnerships. Feuerstein appreciates your feedback; click here to send him an email.