Shares in Elan were down by more than 30% in Dublin this afternoon, after keenly awaited test results on phase two trials of its Alzheimer's drug were presented by Elan and its partner Wyeth.
The results showed that while the drug Bapineuzumab does help to curb the disease in some patients and boosts memories significantly more than treatments already on the market, it raises the risk of a potentially serious side-effect, especially in people with a genetic risk of the disease.
Elan and Wyeth, speaking late last night at the Alzheimer's Association International Conference on the disease in Chicago, said 12 people with mild-to-moderate Alzheimer's, who were treated with the drug, developed a build-up of fluid in the brain. 234 people were tested overall, on four different doses of the drug, and placebo.
Neurologists say this is probably the most watched experimental medicine in the pharmaceutical industry.
Elan shares closed down €6.54 (almost 32%) at €14.02 in Dublin this afternoon.
