"Omthera IPO adds big fish to heart drug pond" - The Deal Pipeline article
Fish oil pill developer Omthera Pharmaceuticals Inc. has arranged plans to take itself public, setting the stage for a high-stakes battle for market share with rivals GlaxoSmithKline plc and Amarin Corp.
Omthera on Monday filed a Form S-1 with the Securities and Exchange Commission, outlining plans to raise $75 million through an initial public offering. Princeton, N.J.-based Omthera has yet to price the IPO, but it will trade on Nasdaq under the symbol OMTH once it goes public.
Omthera is developing Epanova, an omega-3 fatty acid designed to lower triglyceride levels, a risk factor for heart attacks, strokes and other cardiovascular events. The company unveiled data from Epanova's Phase 3 trials in November and plans to submit a new drug application with the Food and Drug Administration in mid-2013.
Epanova would directly compete with Amarin's Vascepa, which was approved by the FDA in July, and GSK and Pronova BioPharma ASA's Lovaza, the current market leader. Vascepa is approved to treat patients with very high triglyceride levels, or more than 500 milligrams per deciliter of blood, the same indication Omthera is chasing. And just like Amarin, Omthera hopes to win approval for a much larger patient population, namely those with triglyceride levels between 200 and 500 mg/dl of blood.
i hope it pops on IPO because I will short it. I'm not typically one to short a company but i feel confident that they are going to market with a losing drug. Plus, i don't like how their leadership attacks AMRN's instead of focusing on their own strengths.