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Biotech / Medical : Elan Corporation, plc (ELN)
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From: fred hayes12/15/2009 9:31:05 AM
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Some bad news for ELN AZ pipe, and worse news for TTHI. From todays Goodbody Irish stockbroker:
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Drug candidate trial clipped on safety concerns

Elan and its partner Transition Therapeutics this morning announced that they have withdrawn patients from two of the three dosing regimes in their Phase II clinical trial of ELND005 for the treatment of Alzheimer's disease. Patients are being removed from the two highest doses (1000mg and 2000mg dosed twice daily) because of safety concerns, given the greater risk of serious adverse events among patients on those doses, which has included nine deaths. The trial is continuing with the lowest dose (250mg twice daily) and placebo. The drug is in an 18 month, 350-patient, Phase II clinical trial. This is a considerable blow for the progress of the drug, given that two of the three dosing regimes have been withdrawn and the number of deaths associated with the two highest doses.

With J&J having picked up the development of its AIP programme, which includes Bapineuzumab and AAB-002, ELND005 is the most advanced product in Elan's remaining pipeline. Given that it is in an 18-month Phase II trial, we had little value attached to the drug candidate and no revenue pencilled in over the next five years. However, this is a set back for Elan in terms of pipeline development and longer term potential and will affect the sentiment on the stock.
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