Elan shareholders file lawsuit
Elan shareholders have filed a class action suit against the company. The biotech is being accused of making false and misleading statements regarding the development of the Alzheimer's drug bapineuzumab, which led to a significant loss in profits.
According to a statement released by the shareholders, Elan did not fully disclose the unfavorable results of a Phase II clinical trial conducted by Elan and its development partner, Wyeth. The companies announced in June that the drug wasn't effective in treating dementia in the overall study population, but the vaccine helped patients without a gene known as ApoE4, which is the case for approximately 70 percent of Alzheimer's sufferers.
Despite questions and criticism, Elan moved the drug into phase III trials. When the data was released in July, the inconclusive results caused more questions than it presented answers. Amidst concerns about the potential for FDA approval, the price of Elan's stock dropped from $33.75 to $19.63 in one day.
- see this release for more
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