FDA accepts marketing application of Amarin's heart

Biopharmaceutical company Amarin Corp said U.S. health regulators have accepted the marketing application for its heart pill and set an eight-month review period.

Amarin shares, which have lost 44 percent in the last three months, rose 7 percent to $7.31 as U.S. Food and Drug Administration's decision kept alive the company's hope of finding a suitor.

Roth Capital Partners analyst Joseph Pantginis, who was expecting this decision, recommended buying Amarin shares based on strong late-stage trial results and possible acquisition.

MKM Partners analyst Jon LeCroy also said the decision was on expected lines, and the next catalyst for the company will be the data from a 40-week trial, in December.

The pill gives the Nasdaq-listed Irish company ammunition to take on GlaxoSmithKline Plc's popular heart pill Lovaza.

Both drugs contain omega-3 fatty acids, the heart-protecting chemicals found in fish oil, and are designed to treat patients with very high levels of triglycerides, a blood fat that contributes to heart disease alongside cholesterol.

Amarin, which submitted its new drug application on September 26, is also testing its drug in a wider patient population with high triglyceride levels who are also receiving statins.

Separately, the company said one of its directors, David Feigal, resigned citing other commitments.

(Reporting by Balaji Sridharan and Anand Basu in Bangalore; Editing by Don Sebastian)