Shares in biotech group Elan jumped at the start of trade yesterday as new trial data indicated its multiple sclerosis drug Tysabri improved patients' quality of life. The Phase III trial data were presented at the annual meeting of the American Academy of Neurology in California overnight.
Multiple sclerosis (MS) causes progressive disability that can include blurred vision, weakness, poor muscle co-ordination and loss of memory and mental function as nerves lose their insulating sheath.The company said patients treated with the drug had a reduction in the risk of visual decline and a reduction in the risk of the rate of disability.
"We have never before observed positive findings on our quality of life measures in a Phase III MS study," said Dr Richard Ruddick, director of the Mellen Center for Multiple Sclerosis Treatment and Research at the Cleveland Clinic, who presented the findings. "The Tysabri study data show not only significant reductions in relapses and disability but also suggest improved quality of life. This is very encouraging."
However, the data are unlikely to accelerate the decision - due by the end of June - from the US Food and Drug Administration, which is currently assessing the risk management plan for the drug put forward by Elan and its US partner Biogen before it decides whether to approve the drug for re-entry to the market.
Tysabri was pulled last year when two trial patients died after contracting a serious brain disease.
The shares jumped 4 per cent at the start of trade but later gave up much of those gains to close up 1.3 per cent in Dublin on €11.75.
