A safety evaluation of Elan's controversial drug Tysabri has found no new confirmed cases of progressive multifocal leukoencephalopathy (PML) in patients with multiple sclerosis, the company said today.
The news sent boosted shares in Elan, sending shares surging by 37 per cent today.
Elan Executive Vice President Lars Ekman
Elan shares, which had been counting on Tysabri following the company's brush with bankruptcy in 2002, plunged 90 per cent following the withdrawal of the drug but recovered some ground on management confidence it would make a comeback.
In February, Elan and Biogen Idec voluntarily suspended Tysabri from the US market and all ongoing clinical trials when it was discovered that a patient being treated with the drug had contracted PML, a rare and potentially fatal disease of the central nervous system.
Three confirmed cases of PML in patients taking Tysabri were reported, two of which were fatal.
Elan and its partner company for the development of the drug, Biogen Idec, are now taking preliminary steps to restart clinical trials in MS.
According to the companies, the safety evaluation of Tysabri and any possible link to PML is ongoing, with the evaluation in Crohn's disease and rheumatoid arthritis expected to be finished by the end of the summer.
"Patient safety remains our top priority," said Lars Ekman, executive vice president and president, Research and Development, Elan.