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Biotech / Medical : Elan Corporation, plc (ELN) -- Ignore unavailable to you. Want to Upgrade?

To: Icebrg who wrote (3495)	11/6/2002 9:19:17 AM
From: Icebrg	Respond to of 10345

Elan: One joint venture terminated, another extended Hold ian.g.hunter@goodbody.ie ISIS Pharmaceuticals yesterday announced the termination of its collaboration with Elan related to Hepasense Ltd. This joint venture was established to develop the antisense drug ISIS 14803, the rights to which have reverted to ISIS. The drug is being developed to treat patients with chronic hepatitis C. Phase II studies have found that it is active in drug resistant patients. In the same announcement, both companies have agreed to continue their Orasense joint venture at least until the end of the current year. Elan has the option to extend or conclude its participation in the JV at that time. Orasense is developing an oral formulation for ISIS 104838, an antisense inhibitor for the treatment of rheumatoid arthritis. The drug is in Phase I clinical trials. In two tranches, Elan invested $52.5m in both the joint ventures and Isis, recouping $25m in licence fees. The remaining $27.5m purchased $15m worth of Isis shares and $12m worth of convertible exchangeable preferred stock. Elan also received warrants exercisable in 5 years. In 2000, the company purchased a further $7.5m worth of shares and a further $7.5m worth on completion of milestones. Isis this morning reported increasing losses greater than market expectation at $17.8m (market consensus was $12.6m) or $0.33c per share. Elan purchased Isis shares at between $13.00 and $16.00. They closed yesterday at $10.43. onbusiness.ie