While not an all-out success, Phase II testing of a Wyeth-Elan treatment showed positive results in a subset of patients. Investors applaudedThe much anticipated results of a clinical trial of one of the more promising Alzheimer's drugs, released June 17, were mixed at best. But in the Alzheimer's world that qualifies as a success—and on Wall Street, it was a winner as well.
Wyeth Pharmaceuticals (WYE) and Elan Corp. (ELN) announced that the Phase II trial of their jointly developed drug, bapineuzumab, did not attain statistically significant results in the overall group of 240 patients. But in a subset of patients that lacked a high-risk gene variant for the disease, the drug significantly improved symptoms in five different tests. Patients in the gene-free group also lost less brain volume.
Investors chose to read the trial as a positive, boosting Elan's share price by 2.89, or 10.7%, to 30. The stock hit a six-year high of 30.30 during the day's trading. Wyeth's shares rose by 2.08, or 4.8%, to 45.16.
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