Elan reduces losses and highlights Tysabri reintroduction

Elan, the Irish pharmaceutical company, has reported it has reduced its net losses from $142.6 million (76 million pounds) to $90.5 million.

The company, which has been reporting losses since it withdrew Tysabri, the multiple sclerosis treatment marketed with Biogen Idec, because of safety fears after two Tysabri users died following the development of a rare brain infection.

However, the drug was re-launched in the UK last month and with further re-launches planned across other countries, Elan said it hoped to return to profitability in the near future.

Shane Cook, Elan’s executive vice-president and chief financial officer, stated: “With the approval of Tysabri and the improvements we have made to the business, we are now entering into a new and exciting phase in the development of Elan. We are confident that revenues from Tysabri will drive our return to profitability.”

Kelly Martin, president and chief executive officer of the company, hinted that the company was willing to work with other companies to further its ambitions after recent collaborations with Abbott and Archemix. He said: “We continue to actively evaluate and pursue both internal and external opportunities that will reinforce our strategic focus, strengthen our capabilities and generate value as we move the enterprise forward.”

In June, the Multiple Sclerosis Society said it welcomed the reintroduction of Tysabri, with Ken Walker, the active chief executive remarking: “This is excellent news for people with MS, as Tysabri offers a powerful addition to the existing disease modifying treatments.

Elan produces products mainly for treatment of neurological disorders. Its UK headquarters are based in Stevenage, Hertfordshire.

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