Elan's Tysabri drug may be able to reverse damage caused by multiple sclerosis, the company and its US partner Biogen Idec said. The news sent its shares higher in Dublin.
Research data released by the two companies at the American Academy of Neurology showed that Tysabri promoted the regeneration of the protein coat that protects nerve fibres and whose damage causes the symptoms of MS.
'This provides more evidence that Tysabri may not just slow down the progress of MS but also may be able to reverse the damage caused by the disease,' Goodbody analyst Ian Hunter said in a note this morning.
Tysabri is the most effective drug on the market, reducing the relapse rate in patients with multiple sclerosis by 68%. But sales have been crimped because of its link with progressive multifocal leukoencephalopathy, or PML, a potentially deadly brain infection.
Elan's shares have lost almost three-quarters of their value over 12 months due to concerns over the safety of Tysabri, disappointing results from a trial of its experimental Alzheimer's vaccine and uncertainty over its future.
Elan shares ended up 11 cent at €4.47 in Dublin - a rise of 2,5%. The shares had gained as much as 10% earlier in the day.
