I have read of others where a faulty fuel pump still primes with ignition cycle. Does sound like similar symptoms as per several other F/P problems with this bike....Exactly as mentioned above by grw800.
Pump could be operating enough to hear the "prime" noise, but if it's got high internal resistance in the windings then it might not be making enough pressure. ( Seen this a few times with standard EFI F/P in various cars - it is possible ).
I suppose one way to narrow it down from at least a fuel or a spark issue would be to have a spray can of AERO START or such, we have one here in OZ called "START YA BASTARD", lol. This way if the fault happens consistantly again then you could simply remove the seat and give it some spray into the air intake. If it runs up then you will definately know that you have a fuel supply / pressure problem. If it stays dead, then you can suspect ignition system / electrical, such as a dud plug etc. ( The condition you describe doesn't sound like the "normal fouled plug issue", but something like that would be a good basic place to start if it was to be an ignition system fault ).
BTW - If you do try the "Aero Start" spray, be sure to hold at WOT during crank over. This is to better allow the engine to draw the mist into the cylinder on the intake stroke. It may take 10~15 seconds for the spray to be drawn in. ( Maybe with only an initial spray of about 3~5 seconds, i/e don't load it with so much spray that it soaks the air box etc. It should only need a short spray, and if nothing after a bit of cranking, then give another little spray. Also if you were to remove the foam air filter then it should draw the spray in very quickly, and with only needing a short spray. Just be aware of possible fire risk if it was to back fire ).
Be sure that your battery is fully charged, and also give the starter motor a good little cool down rest between extended periods of cranking.
Cheers.