WebProNews

Elan shares went down 17% after a second case of a central nervous system disease was discovered possibly in relation to MS drug Tysabri.

Sales of the drug were already suspended after one patient died and the first central nervous system disease case occurred.

According to a Bloomberg article,

"Biogen is counting on Tysabri to help win a greater share of the multiple-sclerosis market as growth slows for its eight-year- old Avonex MS drug. Kelly Martin, chief executive of Dublin-based Elan, was counting on Tysabri to help return the company to a profit in 2006 after selling about $2 billion in assets to pay down debt. Analysts say the prospects for both companies have been damaged by the withdrawal.

Elan and Biogen said Feb. 28 that one patient died and a second was suspected of having developed a condition called progressive multifocal leukoencephalopathy. Both patients were taking Tysabri in combination with Avonex. There have been no reported cases of the illness in patients taking only one of the drugs."

"Two cases from separate locations strengthen the link between the combination therapy and whatever the factor is that has triggered the PML," said Goodbody Stockbrokers analyst Ian Hunter.

WebProNews | Breaking eBusiness News
Your source for investigative ebusiness reporting and breaking news.