Elan shares lift after Tysabri announcement
18 April 2008 00:00 in Pharmaceutical Company Financials
Irish pharmaceutical company Elan saw its US-traded shares rise following a company statement about the use of one of its treatments.
About 26,000 patients are using its multiple sclerosis (MS) and Crohn's disease drug Tysabri, it said.
The drug was pulled from the market following fears it brought on progressive multifocal leukoencephalopathy (PML), a brain inflammation, Associated Press (AP) reported.
American Depositary Receipts relating to the overseas trading of Elan shares increased by $1.08, or 5.2 per cent, to $21.83, AP added.
Tysabri was readmitted for use through re-evaluation of its clinical trial data in combination.
Its packaging has revised labelling with enhanced safety warnings and is subject to a risk management plan aimed at informing doctors and patients of the associated benefits and risks, to lower the risk of progressive PML.
According to Elan, Tysabri is normally prescribed for patients who have not benefited from other MS treatments.
AP said there have been no new cases of PML reported.
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Story collated for Zenopa by the Adfero News Agency