Elan continues to “focus on execution”

Elan continues to “focus on execution” as it moves through 2008, according to its president and chief executive officer.

Kelly Martin makes his comments as the company announces its financial results for the third quarter of this year.

Meanwhile, Shane Cook, executive vice-president and chief financial officer of Elan, states the firm is happy to report a “robust” financial performance – with revenues increasing by 53 per cent in comparison to those in the third quarter of 2007.

“This strong revenue growth, together with an increased investment in research and development associated with the advancement of our Alzheimer’s clinical development programs, led to a decrease of four per cent in the net loss for the quarter,” he adds.

Mr Cooks states for the remainder of the year, Elan remains on track to record revenues close to $1 billion (625 million pounds) and adjusted earnings before interest, taxes, depreciation and amortisation losses of less than $50 million for the full year.

In recent days, Elan and Transition Therapeutics announced the achievement of their patient enrolment target for a phase II clinical study of ELND005 (AZD-103) in people suffering from mild to moderate Alzheimer’s disease.