Not trying to be "cute" here but Paul Huff was supposedly the marketing "golden boy" - part of the "crack" Reliant team that would drive Amarin to success. You just do not have a guy like this (who also effectively got a $4 million signing bonus from his options) leave six months into a launch unless there is some sort of major problem. Personalities, maybe, but most of us could suck it up for what he got paid.
There has been much conjecture (by some) that the launch is going poorly. Unless there is some "strategic alternative" in the wings, I can't see that it is going to go a whole lot better with half the sales staff.
Right now, cutting out everything else, which sadly might be summed up as wishful thinking or a hope and a prayer , the profits from the sales of Vascepa are the only thing that is driving the value of the company.
In my opinion, it is VITAL that we have a better understanding of what happened and is going to happen.
After leaving Reliant, Paul Huff was reported as President of Terrapin Health Care ( 04/2008 - 01/2011) His offer letter from amarin can be found on Amrn website, SEC, google search) His main focus was to commercially market (ie find a buyer) His total compensation for 2011 was 6.8m (forbes) His sign on bonus was 900000 shares (vested in qtrs) The last Form 4 left at least 800000. I do not know if he got to keep them. After leaving Amrn he was listed his as President and owner of Terrapin Health. I could not find any information on what the company does. I am assuming consultation. And I seen on i-hub today that Sedlack left in October He was VP of product development. Hope this helps
Terrapin is out of his home address and is more or less a way of saying that he is not unemployed.
The contracts of Huff and Sedlack were both dated Dec 23. Pure "whistling in the dark" speculation at this point but is there some language in each that might have triggered their departures?
Was not aware of Paul Huff departure. In current lineup-- among top managers--who is most competent to run the co.,if cash becomes a serious hurdle and mgmt. does not accept large pay cuts for 2 yrs. until Reduce-It study results are partially available.
Who among Directors is most competent to run the co. if Joe Z. is not there?
KM--you were right about your judgement on Scripts and NCE.
Why does nobody else seem to be concerned that the guy in charge of the launch of Vascepa left the company or was fired in July/August - six months into the event?????
We seem to have a black box full of jello in terms of what is happening with marketing (and many other things) and it's "not good enough".
If Ketchum were to be suddenly "gone" it would certainly get people thinking.
KM, personally, it concerns me, but without PR/8k, there's really not much to say at this point. I think everyone here is re-gathering themselves and taking a breath and sorting out what they need to do, personally, to stay afloat (sell, buy, cry, etc.) and then just wait until 12/20. There's not much else to do at this point. The stock price sucks, so to try to get out of the stock at this time is relatively useless, and with the company cutting sales people, it's hard to convince myself to going on a buying frenzy until we get a more clarity on topics, such as Huff or any current discussions with FDA. If I had a small or no position in this stock, I'd be buying, but since I'm loaded up on it, personally, I'm staying with the position I have.
Until we get some clarity or explanation from Huff or Amarin management (both unlikely), it's a very frustrating non-event. All, in my opinion.
Sentiment: Strong Buy