Shares in Irish pharmaceutical company Elan are up more than 10 per cent on the Dublin market this afternoon.
In afternoon trade Elan shares were trading at €6.64, 63 cents ahead. The surge in the shares follows a statement the company released with its partners Biogen Idec saying a new round of trials have showed the benefits to multiple sclerosis sufferers from Tysabri.
It said that adding Tysabri to Avonex slows the progression of disability in patients with relapsing forms of multiple sclerosis (MS).
The addition of Tysabri to Avonex resulted in a 24 per cent reduction in the risk of disability progression compared to the effect provided by Avonex alone, the groups said.
Data from Sentinel also demonstrated that the addition of Tysabri to Avonex led to a 56 per cent relative reduction in the rate of clinical relapses compared to that provided by Avonex alone.
The groups said the reduction in relapse rate was statistically significant and sustained over the entire two-year study period.
Biogen and Elan also gave an update on the suspension of Tysabri in February this year from the US market and all ongoing clinical trials, based on reports of progressive multifocal leukoencephalopathy (PML), a rare and potentially fatal, demyelinating disease of the central nervous system.
Two people died from confirmed cases of PML sending Elan shares crashing. Two of the patients with confirmed PML had received Avonex plus Tysabri for over two years as part of the Sentinel trial.
Biogen Idec and Elan's safety evaluation concerning Tysabri and any possible link to PML is ongoing.
They said the results of this safety evaluation will be discussed with regulatory agencies to determine the future for Tysabri.