The Brualdi Law Firm, P.C. announced that a class action lawsuit had commenced in the United States District Court for the Southern District of New York on behalf of purchasers of Elan Corporation's publicly-traded stock for the period between 17 June 2008 through 29 July 2008. The lawsuit alleges that, during this period, Elan Corporation made materially false and misleading statements about bapineuzumab, a drug it was developing in association with Wyeth for the treatment of Alzheimer’s disease.
Coughlin Stoia Geller Rudman & Robbins LLP announced that it had filed a class action lawsuit on behalf of purchasers of Elan Corporation's publicly-traded stock for the period between 17 June 2008 and 29 July 2008. The lawsuit alleges that, during this period, Elan Corporation made materially false and misleading statements about bapineuzumab, a drug it was developing in association with Wyeth for the treatment of Alzheimer’s disease.
Plans by Elan Corporation to sell EDT, its drug delivery unit, in an auction have been delayed by the credit crisis. However, some discussions are still continuing, although funding for potential acquirers is now uncertain.
Elan Corporation and its partner, Biogen Idec, announced that they had started clinical trials of multiple sclerosis drug, Tysabri, for cancer patients. The objective of these trials is to determine the safety and efficacy of Tysabri in patients who have multiple myeloma, a cancer of bone marrow plasma cells.
Elan Corporation has started accepting first-round bids for its drug delivery unit, EDT, and is hoping for a quick sale of the business for as much as $1.4 billion. This move comes in the face of disappointing results from the clinical trials of Alzheimer’s drug, Bapineuzumab, and renewed safety concerns surrounding multiple sclerosis drug, Tysabri. While a successful sale of EDT would leave the company more focused on its Biopharmaceuticals segment, it would also have to replace the 55.4% of total revenues that EDT brought in last year. Goldman Sachs is leading the auction process and prospective buyers include, among others, the Texas Pacific Group and Bain Capital.
Elan Corporation and its partner, Biogen Idec, revealed two new brain disease cases in patients taking multiple sclerosis drug, Tysabri, which has already been pulled from the market once due to safety concerns. This new setback seriously calls into question the future of Tysabri which Elan Corporation has admitted is key to its future.
Elan Corporation and its partner, Wyeth, reported mixed results in Phase 2 clinical trials of the Alzheimer's drug, Bapineuzumab. Twelve people with mild-to-moderate Alzheimer's who were treated with the drug developed vasogenic edema, a build-up of fluid in the brain. Preliminary findings also indicated that the drug failed to boost memory and functionality in most of patients involved in these trials.
Elan Corporation reported that encouraging results from a mid-stage clinical trial of Bapineuzumab would support its decision to push the Alzheimer's drug into Phase 3 clinical trials. In Phase 2 clinical trials, Bapineuzumab achieved statistically significant results in important subgroups tested in the study.
Elan Corporation restarted a mid-stage trial of its Alzheimer's vaccine, ACC-001, following a six-week suspension prompted by safety concerns. The suspension was meant to give Elan Corporation and its partner, Wyeth, enough time to examine a potentially serious side effect suffered by a patient in the earlier mid-stage trial. After diagnostic tests failed to confirm this side effect, Elan Corporation and Wyeth elected to restart the mid-stage trial.
Elan Corporation and its partner, Biogen Idec, warned that patients taking the multiple sclerosis drug, Tysabri, could suffer from significant liver injury. Signs of liver damage appeared in some patients as early as six days after their first dose of Tysabri.
Reuters: Irish drugmaker Elan Corporporation and Biogen Idec said a scientific committee of the European Medicines agency has a negative opinion on the marketing authorization for natalizumab for the treatment for Crohn's disease.The negative opinion is now referred to the European Commission, the companies said in a statement.Crohn's disease is a bowel inflammation that causes potentially disabling abdominal pain, weight loss, fever and rectal bleeding. Symptoms may be chronic or go into a period of remission.