Shares in Elan bounced 4% to 71.50 euros by the close of business, following the company's announcement that it is beginning phase 2 trials of a vaccine for Alzheimer's disease.
The study is a joint venture with US firm American Home Products, and will start in the third quarter of the year lasting for two years. The drug AN-1792, which is also known as AIP-011, is the first in a series being developed between the Athlone-based Elan and AHP's Pharmaceutical division Wyeth-Ayerst Laboratories.
Ivan Lieberburg, Elan's chief scientific officer, told OnBusiness that if the phase two trials on humans replicated the results that had been achieved on mice, then the new drug represented a significant breakthrough in the treatment of Alzheimers.
The drug is designed to stimulate the body's immune system to destroy the waxy protein plaques which build up in the brains of Alzheimers sufferers. Tests on mice showed the drug prevented the plaque build-up in younger animals, and stopped it accumulating in older animals.
David Marshall, analyst at NCB, said the announcement was an 'important milestone' for Elan. However Lieberburg said it would be at least four years before a commercial product would be available to Alzheimers sufferers.
