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Elan ''seeks to advance pipeline in 2009''

11 Feb 2009

Elan plans to advance its product pipeline in 2009, as well as de-risking its balance sheet and reducing its cash burn, the company has announced.

Shane Cooke, the executive vice-president and chief financial officer of the pharmaceutical company, made his assertions as the firm announced its fourth-quarter and full-year results yesterday.

A 32 per cent increase in revenue for 2008, to $1 billion (£695.6 million) from $759.4 million during 2007, was noted, as were "significant advances" in the business'' biopharmaceutical and drug technology units.

Kelly Martin, chief executive of Elan, added: "Our focus on science and patients has never been greater - and we are committed to demonstrating further progress in 2009."

Earlier this month, Biogen and Elan announced the results of trials into the multiple sclerosis treatment Tysabri.

They said five times as many patients with the condition were free from disease activity versus those taking a placebo in the overall patient population.