Biotech / Medical | Elan Corporation, plc (ELN)


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From: William Partmann2/19/2008 9:27:17 AM
   of 10345
 
Off topic Credit Suisse.

I always love a good CS story.

cnbc.com 

I will say no more.

Regards to everyone.

Bill

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To: William Partmann who wrote (9592)2/24/2008 9:41:14 AM
From: fred hayes   of 10345
 
Hi Bill. Hope all is well. Sounds like Elan is thinking of selling DD. I don't think I'd like that, altho it would probably bump the stock price. I think DD is worth more than most people think, but I'm not sure why Elan would want to sell it. DD to me is like an annuity policy with a steady and growing stream of rev that goes straight to the bottom line. Elan resisted selling it when they were in deep trouble, so why do it now?

reuters.com 

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From: fred hayes2/27/2008 10:56:34 AM
   of 10345
 
Feuerstein on Bap:

Elan, Wyeth Play by Own Rules in Alzheimer's Trial
Adam Feuerstein
02/27/08 - 06:50 AM EST

ElanELN and WyethWYE are using a new and unproven endpoint to measure the memory and mental status of patients in phase III trials of their experimental Alzheimer's drug bapineuzumab, say sources familiar with the studies' protocols.

By creating their own test to measure bapineuzumab's efficacy, Elan and Wyeth are seeking an alternative to the so-called ADAS-cog, despite that test's imprimatur as the gold standard measure of cognitive function. The ADAS-cog has been used as the basis for approval for all Alzheimer's disease drugs to date.

Elan has devised a new clinical endpoint, which it calls the Neuropsychological Test Battery, or NTB. The Irish drugmaker has used the NTB in previous studies of its Alzheimer's drugs to demonstrate improvements in the mental status of patients when similar measurements using ADAS-cog showed no benefit.

This is the first time, however, that Elan and partner Wyeth will attempt to convince regulatory authorities in the U.S. and Europe that the NTB should be considered as the basis to approve a new Alzheimer's drug.

The companies are pushing the test even though the NTB has not yet been independently validated by anyone outside the two companies, nor has it ever been used as a primary endpoint in any pivotal trial for Alzheimer's.

The ADAS-cog test, by comparison, is the most widely recognized and utilized measure of cognition in Alzheimer's drug trials.

All four Alzheimer's drugs currently on the market used the ADAS-cog test as the endpoint of their phase III trials. As well, the only other two drug companies with experimental Alzheimer's drugs in phase III studies right now -- Myriad GeneticsMYGN and MedivationMDVN -- are using the measure as their primary endpoint in their respective studies.

Dr. Peter Davies, an Alzheimer's researcher at New York's Albert Einstein College of Medicine, questions why any company would seek to develop an alternative cognitive test when the standard and well-understood ADAS-cog test has proven time and time again to be entirely adequate.

"What we need are better Alzheimer's disease drugs, not better tests," says Davies. "If a drug cannot show improvement in cognitive function using the ADAS-cog test, then the drug is not worth bothering with."

Unusual Step
There is intense interest in bapineuzumab, both from the Alzheimer's research community and Wall Street, because it is the first antibody drug in Alzheimer's to reach phase III studies. Bapineuzumab is so closely tracked because it has been designed to actually improve a patient's memory and mental status instead of merely temporarily treating the symptoms of Alzheimer's.

Any drug that can modify or reverse the course of Alzheimer's will generate billions of dollars in sales. The potential for blockbuster profits from bapineuzumab has pushed Elan's stock price higher. Shares hit $26 earlier this month, a level they hadn't seen since 2005.

Elan and Wyeth have announced plans to conduct four bapineuzumab phase III trials, which will track approximately 4,000 patients with mild to moderate forms of Alzheimer's. Two of those studies began enrolling North American patients in December; the remaining two studies, to be conducted in Europe and the rest of the world, are expected to begin soon.

To date, neither Elan nor Wyeth has announced publicly the primary efficacy endpoints of these studies. The companies have stated only that the efficacy of bapineuzumab will be measured using one cognitive and one functional endpoint.

Two Alzheimer's researchers familiar with the study protocols for the bapineuzumab phase III studies have confirmed that NTB was chosen as the primary endpoint, with the ADAS-cog test listed as a secondary endpoint.

Elan spokesman Jonathan Birt would only acknowledge that the primary cognitive endpoint of the phase III studies will be either the NTB or the ADAS-cog test. The companies will be measuring both and will choose one as the primary endpoint sometime during the course of the trials, he says.

"This is all being done in close cooperation with the FDA and other regulators who are fine with the approach," Birt adds.

This approach, however, is far from typical. In nearly all clinical studies, primary endpoints are chosen well before the first patient is ever enrolled.

Birt did confirm that Elan and Wyeth have met with FDA officials to discuss use of the NTB as the primary endpoint of the bapineuzumab studies. Birt would not comment, however, when asked if Elan and Wyeth had reached agreement with the FDA on a Special Protocol Assessment, or SPA, for the bapineuzumab phase III studies.

An SPA is a written agreement between a drug sponsor and the FDA that says the agency has signed off on an acceptable study design, including the clinical endpoints that could lead to a drug's approval.

Typically, drug companies will negotiate an SPA with the FDA for drug trials involving unusual or little-used clinical endpoints, or in situations where the requirements for approval are not entirely clear. An SPA doesn't guarantee a drug's eventual approval, but it does provide some assurance that the drug company and the FDA are on the same page when it comes to a clinical trial design.

In the case of bapineuzumab, an SPA between Elan, Wyeth and the FDA would specify that the NTB could be used as the primary measure of cognition in the phase III studies, and that data collected using the NTB, if positive, could form the basis of the drug's approval.

Yet Elan and Wyeth declined to comment on whether they sought an SPA from the FDA. The FDA's own rules require SPAs to be in place before clinical trials begin enrolling patients.

Mixed Results
If the ADAS-cog is a perfectly acceptable way to assess the effect of an Alzheimer's drug, why are Elan and Wyeth going to great lengths to devise their own test?

The answer, says Elan's Birt, is that the companies believe the NTB may be more sensitive than the ADAS-cog in measuring cognitive function in patients with milder forms of Alzheimer's.

But it should be noted that none of the drugs in Elan's highly touted Alzheimer's drug development program have demonstrated an improvement in memory or mental status when measured using traditional tests, including the ADAS-cog.

That's likely one of the issues prompting Elan to come up with new ways of showing the benefit of its Alzheimer's drugs, including coming up with its own cognitive test.

Elan researchers created the NTB by combining six older tests of memory and cognitive function to record nine measures of patient performance.

While the individual components of the NTB are in wide use (mainly as standard memory tests for all types of patients), they have never before been used to assess the mental status or memory of patients in a phase III Alzheimer's disease clinical trial meant to lead to a drug's approval.

Elan admits as much in a paper published in the Archives of Neurology in September. This paper describes the use of the NTB to measure the mental status and memory of patients in a study of AN-1792, an older Alzheimer's drug and predecessor to bapineuzumab that Elan was forced to shelve in 2002 due to toxicity.

The paper used a complicated statistical analysis to demonstrate that an alternative cognitive test like the NTB could be just as reliable, perhaps more so, than traditional measures like ADAS-cog.

The paper concludes that the "NTB may represent a useful cognitive measure for clinical trials to assess cognitive change in patients with mild to moderate [Alzheimer's] ... and may be more effective than traditional measures in detecting cognitive changes in the clinical assessment of a therapy designed to reverse or halt disease pathological features."

But the same paper states, "This is the first study to formally evaluate the NTB as a composite measure for [Alzheimer's] clinical trials. Performance on the NTB from other [Alzheimer's] patient samples would provide additional support for the NTB as an alternative cognitive tool."

Five of the six authors of the paper published in the Archives of Neurology are employed by Elan or Wyeth, which paid for the study to be conducted. The sixth author is an outside consultant who works for the companies.

In the phase II study of Elan's AN-1792, patients taking the drug scored worse on the ADAS-cog test than those administered a placebo. It was only using the NTB test that any cognitive benefit was demonstrated with AN-1792, and even then, the improvement was limited.

Whether bapineuzumab can improve the cognitive function of Alzheimer's patients remains an unanswered question. A phase II study of the drug is nearing completion. Analysis of the data from this randomized and controlled study, which enrolled approximately 240 patients with mild to moderate Alzheimer's disease, is expected to begin in April, with results made public in the middle of the year.

It's unusual for drug companies to start pivotal phase III studies without first getting complete data from a phase II study. Elan investors have brushed this anomaly aside and, in some cases, embraced it as a bullish indicator.

That sentiment follows this logic: If bapineuzumab weren't showing a remarkable effect on Alzheimer's patients in the phase II study, Elan and Wyeth would not have taken the risk -- and committed tens of millions of dollars -- to start an ambitious phase III program with 4,000 patients enrolled worldwide.

Most investors expect bapineuzumab to demonstrate any profound effect on cognitive function via an improvement in ADAS-cog scores. But if bapineuzumab follows the path of Elan's past Alzheimer's drug candidates, it may be the NTB, and not ADAS-cog, that picks up any improvement in mental status.

Given the unproven and uncertain nature of the NTB, investors may be in for an unpleasant surprise.

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To: fred hayes who wrote (9594)2/27/2008 1:23:40 PM
From: Ben Antanaitis   of 10345
 
12:27PM Wed Biogen Idec, Elan Warn Of Liver Injury With Tysabri

<quote>Biogen Idec, Elan warn of Tysabri liver damage reports

By Wallace Witkowski
Last update: 1:27 p.m. EST Feb. 27,
SAN FRANCISCO (MarketWatch) -- Biogen Idec Inc. (BIIB:biogen idec inc com
1:20pm 02/27/2008

ELN 22.89, -1.42, -5.8%) warned doctors that their multiple sclerosis treatment Tysabri can cause significant liver damage in as little as six days, the Food and Drug Administration reported on its Web site Wednesday. The warning said doctors should discontinue use of the treatment in people showing signs of jaundice or signs of other liver injury. Shares of Biogen fell 2.1% to $60.23 and U.S. shares of Elan dropped 5.6% to $22.95 in afternoon trading. </quote>

Ben

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To: Ben Antanaitis who wrote (9595)2/27/2008 2:37:05 PM
From: fred hayes   of 10345
 
Thanks, hadn't seen that. I guess I'm not too excited, altho it may have been a good day to go fishing or something else. I'm surprised at the reaction because the liver issue is old stuff, unless a fresh rash or something has hit recently. I hope that the only thing new is the fact that it is now reflected in the label. That would be my bet without having yet looked into it further...

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To: Ben Antanaitis who wrote (9595)2/27/2008 10:44:09 PM
From: Paul Lee   of 10345
 
that is old news

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From: fred hayes2/28/2008 10:09:56 AM
   of 10345
 
Orla today on livers:
............................................
Elan’s ADRs fell by 6.3% to close at $22.77 after reports linking Tysabri with instances
of significant liver injury emerged late yesterday afternoon.

• However, this is not new information with the liver injury side effect initially disclosed
ahead of the advisory committee meeting in Q3 2007. At the time of Tysabri’s US
approval for Crohn’s disease we flagged in our morning commentary (15 January) that
the Tysabri label had been revised to include a safety warning related to the liver injury
reported in patients in the post marketing setting. Post marketing reports indicate that
less than 1 in 1,000 patients taking Tysabri for either MS or Crohn’s suffered significant
liver injury.

• Yesterday’s reports centered on a letter sent by Elan and its partner Biogen Idec to
doctors on the Tysabri program outlining the details of the revised label. Doctors
prescribing Tysabri for Crohn’s had been notified at the time of the drug’s label revision.
Yesterday’s letter was circulated to doctors prescribing Tysabri for MS who may not
have been aware of the risks associated with the revised label.

• As stated at the time, this revision to Tysabri’s label is not expected to make a material
difference to its competitive positioning. We would not expect this side effect to make a
material difference either to MS patients switching from an interferon where liver injury
issues are an existing side effect or to CD patients that have failed anti-TNF inhibitors,
products that already carry significant adverse event warnings.

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To: fred hayes who wrote (9598)2/28/2008 11:58:53 AM
From: idos   of 10345
 
"This [the Biogen Idec letter] was part of the approval of Jan. 14,," said FDA spokeswoman Rita Chappelle. "The manufacturer was going to send out a notice to health-care providers to make them aware of the potential problem."

A warning about the danger of Tysabri to the liver is already on the product label.

"FDA does not require 'Dear Doctor Letters,' but can request that a sponsor send one to inform health-care practitioners about new adverse events that are labeled," Chappelle added.

healthday.com 

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To: fred hayes who wrote (9594)2/28/2008 7:37:19 PM
From: ablackcat   of 10345
 
May I post a counterpoint to Adam?

A Neuropsychological Test Battery for Use in Alzheimer Disease Clinical Trials

John Harrison, C. Psychol, PhD; Sonia L. Minassian, DrPH; Lisa Jenkins, PhD; Ronald S. Black, MD; Martin Koller, MD, MPH; Michael Grundman, MD, MPH

Arch Neurol. 2007;64:1323-1329.

Objective: To report the psychometric properties of an alternative instrument to the cognitive subscale of the Alzheimer's Disease Assessment Scale, a neuropsychological test battery (NTB) for measuring drug efficacy in Alzheimer disease clinical trials.

Design: The NTB was evaluated in a randomized, double-blind, placebo-controlled trial of AN1792(QS-21) (synthetic beta-amyloid plus an adjuvant) (300 patients) and isotonic sodium chloride solution (72 patients). The test-retest reliability of the NTB was examined, and the NTB was correlated with other cognitive (cognitive subscale of the Alzheimer's Disease Assessment Scale and Mini-Mental State Examination) and functional (Disability Assessment Scale for Dementia and Clinical Dementia Rating Sum of Boxes) measures. In addition, a factor analysis was performed on NTB components. Finally, the sensitivity of the NTB to change was assessed as a function of Mini-Mental State Examination performance.

Results: The NTB had high test-retest reliability at 6 (Pearson product moment correlation [r] = 0.92) and 12 (r = 0.88) months. Internal consistency was high (Cronbach {alpha} = 0.84). The correlations between the NTB z score and scores on traditional measures of cognition and function were significantly different from 0 (P < 001). A factor analysis yielded "memory" and "executive function" factors. The NTB z score declined linearly over 1 year in patients receiving placebo and, in contrast to the Alzheimer's Disease Assessment Scale cognitive subscale, demonstrated similar declines in patients with high (21-26) and low (15-20) Mini-Mental State Examination scores at baseline.

Conclusions: The NTB exhibits excellent psychometric properties and seems to be a reliable and sensitive measure of cognitive change in patients with mild to moderate Alzheimer disease. The psychometric properties of the NTB suggest that it may have particular utility in evaluating drug efficacy in clinical trials in which patients with mild Alzheimer disease are included.


Author Affiliations: CPC Pharma Services, Warminster, England (Dr Harrison); Elan Pharmaceuticals, San Diego, California (Drs Minassian, Koller, and Grundman); and Wyeth Research, Collegeville, Pennsylvania (Drs Jenkins and Black).

archneur.ama-assn.org 

Thanks for your time
Cat

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To: ablackcat who wrote (9600)2/28/2008 9:56:39 PM
From: fred hayes   of 10345
 
>May I post a counterpoint< The more the better. To be clear, posters around here don't necessarily like or agree with the stuff they post. If it looks informative, it goes up...(:>)

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