Macro Tsimmis

intelligently hedged investment

Élan (ELN) update

Posted by intelledgement on Mon, 21 May 07

Our neuropharma company, Élan (ELN), announced today in conjunction with their development partner Wyeth (WYE) that they have determined to initiate a Phase 3 trial of their Alzheimer’s disease  humanized monoclonal antibody, bapineuzumab (AAB-001) before the end of 2007, subject to regulatory approval. This decision is based on preliminary data from the two ongoing Phase 2 trials, which are not due to be completed until 2008. It is unusual for a Phase 3 trial to be initiated before Phase 2 is complete; the clear implication is that the preliminary data from the Phase 2 tests—no data from Phase 2 are expected to be made public before completion of the trials in 2008—must be very strong…evidently strong enough, in management’s judgment, to persuade regulators to approve this move.

ELN closed at $18.69, up 13% on the day.

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