Amarin suffers another blow at the hands of the FDA

Already suffering from an expert panel rejection for an expanded label on its cholesterol drug Vascepa, Amarin ($AMRN) was subjected to another drubbing on Wall Street after the FDA formally withdrew its Special Protocol Assessment agreement on a study of the treatment. The agency no longer will accept a change in serum triglyceride levels as proof that a therapy can reduce the risk of cardiovascular events. The agency hasn't formally rejected the application for an expanded approval, but is widely expected to follow up with a decisive thumbs-down. The rejection will likely leave a big cloud over the drug, and Amarin's future. Its shares dropped 15% this morning. Story