ELN - closed down at ( $13.87) and is down again and below our $14.50 WATCH LIST price. The FDA delayed the decision on the new MS drug (Tysabri). The FDA wants more time to assess Tysabri's risk-management plan, according to a statement from Dublin, Ireland-based Elan (ELN : $13.87 - $0.55) With the additional review time, the FDA now may act on or before June 28. A decision had originally been expected at the end of March. Biogen CEO Jim Mullen had previously said they hoped to re-launch Tysabri in the U.S. in June. The plan was to launch the drug in Europe in the second half of 2006. A spokeswoman for Elan said the decision was a "disappointment," but stressed that an earlier target of an FDA ruling by March 29 had been considered "tight" by some observers. The risk-management plan would set out rules on how doctors should monitor the health of patients taking the drug, among other things, the spokeswoman added. "We expect that the FDA is reviewing the entire risk management program from patient suitability to the dispensing of the drug," added Orla Hartford, an analyst at NCB Stockbrokers.
IIn response to this action by the FDA We will keep an eye on ELN and it will remain on the WATCH LIST until it closes above $14.50 or some other action is needed.
WATCH LIST - CURRENT
ELN - only issue