Elan Q3 Results Disappointing

Irish biotech Elan Corp (ELN) released its third quarter results early wednesday. The numbers were less than stellar; net loss was almost double that of last year's third quarter results, and sales dipped 4%.

Investors were hoping that the launch of the highly anticipated drug, Tysabri, which was launched in July of 2006 to treat Multiple Sclerosis, would add significantly to Elan's bottom line.

Tysabri was launched earlier in 2005, but was recalled after serious brain infections were reported in patients. Two deaths were also reported.

Tysabri is co-developed with Biogen Idec (BIBB).

It seems investors are willing to give Elan and its drug Tysabri one more chance as shares of the company's stock dipped only 1% in trading on the Irish Stock Exchange. North American trading will surely see a similar small drop.

Investors would like to wait for the year end results in three months.

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