The Rhedosaurus ATE the combatants! All that thrashing around~with blood drawn~obviously drew its attention; it is shown engulfing the two creatures. Then, it turns its attention on the next target.
If Roger Corman was inspired, there's also "Devil Fish" aka "Shark: Rosso nell'oceano"(1984 Italian).
From IMDb:
A marine biologist, a dolphin trainer, a research scientist, and a local sheriff try to hunt down a large sea monster, a shark/octopus hybrid, that is devouring swimmers and fishermen off a south Florida coast.
From IMDb 2:
Several boats are torn apart, and badly wrecked corpses are washed ashore. Something horrible is out in the Caribbean sea. The teeth marks on the bodies don't lead to any known animal, so scientist Dr. Stella Dickens suspects it's a so far unknown life form and strives to catch it alive. She doesn't know yet that ruthless scientists have genetically created this creature as a bioweapon or that it has been designed to reproduce by asexual means. And, the company she works for created the creature and will stop at nothing to keep their secret.
*** The trouble with reality is there is no background music. ***
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