This excerpt taken from the ELN 6-K filed Aug 28, 2009.
CHIEF EXECUTIVE OFFICERS STATEMENT
To Our Shareholders:
Our focus remains squarely on disciplined and continuous investment in science and advancing our diversified clinical portfolio to patients. During the first half of 2009, while we continued to improve operating performance, we also achieved several important strategic milestones. Most importantly, we completed our strategic review process, begun in January of this year, with the announcement in early July of a transformative transaction with Johnson & Johnson.
There were a number of key objectives for the strategic review process, all of which we believe will be accomplished upon closing this transaction in the second half of the year. The transaction will provide the Company with significant strategic and financial flexibility and allows our shareholders the opportunity to participate in the advancement of our science and pipeline over time. In addition, we believe that Johnson & Johnsons scientific expertise and global commercial reach will ensure that we realize the full potential of the Alzheimers Immunotherapy Program.
Tysabri® continues to grow, recording in-market sales of $481.3 million in the first half of 2009, an increase of 34% over the $359.7 million recorded in the same time period of 2008. At the end of June 2009, approximately 43,300 patients were on therapy worldwide, an increase of 36% over the 31,800 who were on therapy at the end of June 2008. We are continuing to work with Biogen Idec, our collaborator on Tysabri, and the clinical community, to better understand both the efficacy and safety of the therapy.
Our Elan Drug Technologies (EDT) business also made further progress, while at the same time continuing to diversify the Companys risk. By providing industry-leading advances in drug delivery technology, we are able to participate in the commercialization of several molecules with different pharmaceutical collaborators. The recent approval of Johnson & Johnsons Invega® Sustennatm, which utilizes our NanoCrystal® technology, demonstrates how EDT has been able to advance treatment options for a variety of therapies.
The recent International Conference on Alzheimers Disease (ICAD), clearly demonstrated the progress that we, along with our collaborator, Transition Therapeutics, have made on ELND005. Phase 1 data was presented that indicated treatment with ELND005 achieves desired concentrations in human brain tissue and cerebrospinal fluid when given orally, which has proven to be a significant hurdle for other drugs in this area.
Lastly, we achieved another significant milestone in the first half of the year by adding a fifth potential therapeutic approach for the treatment of Alzheimers disease to our pipeline, the p75 ligand program in collaboration with PharmatrophiX. These compounds have the potential to protect the neurons most affected by Alzheimers disease. By adding these pre-clinical compounds to our pipeline, we gain an orally-available potential therapeutic platform that attacks Alzheimers disease from a different, and potentially complementary, approach to potential therapeutics in our pipeline.
The significant accomplishments of the first half of 2009 once again demonstrate our position as a leader in neuroscience, with a clear focus on disease-modifying novel therapeutics. At Elan, we believe we are in the first decade of what will be a century of delivering new innovative therapies to patients suffering from a wide variety of neurological disorders. We are confident that Elan, through our industry leading pipeline, will continue to define the future of degenerative neurological therapies.
G. Kelly Martin
Chief Executive Officer