Elan says that preliminary findings from its phase two study of its drug to treat Alzheimer's disease are encouraging.
Elan is developing the bapineuzumab drug in connection with Wyeth Pharmaceuticals.
The 18-month trial shows that patients with mild to moderate Alzheimer's disease which are being treated with the drug are showing benefits.
Elan's CEO Kelly Martin said the results clinically support the company's decision to move into phase three trials.
'The preliminary analyses of the phase two study are a continued validation of the amyloid approach to Alzheimer's diseased and an important milestone in our companies' ongoing commitment to bring new science-based biotechnology treatment options to patients,' he added.
Elan shares soared by 98 cent to close at €18.18 in Dublin.
