Friday, August 1, 2008

Biogen’s MS drug linked to 2 cases of brain disease

By Mass High Tech Staff

Cambridge biotech Biogen Idec (Nasdaq: BIIB) and Irish drug partner Elan Corp. (NYSE:ELN) suffered another setback with their multiple sclerosis drug Tysabri after reporting two additional cases of progressive multifocal leukoenphalopathy (PML), a serious brain infection linked to patients taking immunosuppressants.

The news comes after just two years of the drug clearing regulatory ‘re-approval’ following Biogen’s voluntary withdrawal of it in 2005 due to other case of PML. Biogen reported it had no plans to recall the drug again.

The two patients were diagnosed with PML on July 30th and 31st after experiencing symptoms related to the infection. The initial patient’s status was cited as stable and was released under home ambulatory care, Biogen stated in a filing with the U.S. Securities and Exchange Commission. The second remains hospitalized. Both cases occurred in Europe.

PML is linked to the dormant — but common — JC  virus, only made activated by weakened immune systems. Drugs such as Tysabri and others are designed to suppress the body’s immune system to treat diseases like MS and inflammatory disorders.

Biogen stock dropped nearly 18 percent to $12.26 in after-hours trading. Elan was hit harder, plummeting more than 50 percent to their lowest level since 2005.