Elan shares plummeted over 20% in Dublin this afternoon after the results of trial data from its Antigren drug, released today, failed to meet expected goals.
Antigren, a drug for the inflammatory bowel condition Crohn's Disease, which is being developed by both Elan and US firm Biogen, did not meet the target of a 70 point decrease in the Crohn's Disease Activity Index by the end of week ten.
Elan's shares have fallen by over 90% in the past year since US regulators started investigating its accounting practices. The firm is still going through serious restructuring.
Once the country's largest company by market value, Elan now has a market weighting of about 3.3%
Elan shares closed down €1.32 cent to €4 in Dublin this evening.
