Athlone-based pharmaceutical firm Elan Corp has announced that two clinical studies of Neurobloc, a drug it is developing to treat cervical dystonia, have been successful.
Following the two Phase III studies, which involved some 200 patients with cervical dystonia, Elan plans to prepare and submit its licence application to the US Food and Drug Administration (FDA). Elan's director of investor relations, Ms Mary Bingham, said the company anticipates filing for FDA approval for Neurobloc in the fourth quarter once all the necessary data has been compiled.
Elan's share price was $0.5 firmer on the Nasdaq, where most of the trade in the shares takes place, at $63.5 (£45.12) by the close of business in Dublin.
Cervical dystonia is a severe condition of abnormal muscle tone and movement that can result in severe, painful abnormalities of posture or inability to flex and relax affected neck and shoulder muscles.
Neurobloc's development is being funded in part by Axogen, a Bermuda-based company that develops therapeutic products for people with neurological disorders. Elan declined to disclose the precise funding details at present.
However, Axogen units trade on the American Stock Exchange and the outstanding common shares of Axogen are subject to a purchase option held by Elan which expires on December 31st, 2001. Axogen's share price was unchanged at $56 at the close of trade in Dublin.
